News Information

FTX Debacle brings down the currency market, yet AET keeps soaring

The cryptocurrency exchange FTX collapsed and the cryptocurrency market welcomed the “Lehman moment”.

On November 2, CoinDesk broke the news that Alameda’s balance sheet was in great danger, with about $6 billion in FTT and SOL out of a total of $14.6 billion in assets.

On November 6, cryptocurrency exchange Binance CEO Zhao Changpeng announced plans to sell all of Binance’s FTX exchange tokens, FTT. The market continued to panic and the price of FTT plummeted by over 90%. Immediately afterward, FTX communicated with Binance, and on November 9, the two companies publicly stated that they had reached a preliminary agreement on Binance’s ‘acquisition of FTX. A day later, Binance announced that it had abandoned its acquisition of FTX after due diligence. It was reported that FTX was facing bankruptcy with a capital shortfall of $8 billion.

The collapse of FTX triggered a plunge in the currency market. According to the ESM, at 1:00 a.m. on November 9, the price of Bitcoin fell from above $20,000 to $300 at 3:00 a.m., reaching a price of around $17,000. It then continued to fall, reaching a two-year low of around $15,000 by 6:00 a.m. on November 10. Currently, the price of bitcoin is around $16,000, a drop of nearly 20% in two days. At about the same time last year, the price of Bitcoin reached an all-time high of around $60,000, a drop of more than 2/3 in a year’s time.

The collapse of FTX has caused FTX users and coin market investors to suffer heavy losses. According to Statistics, on November 9, more than 350,000 investors had their positions explode, and the amount of the exploded positions exceeded RMB 7.3 billion. In this FTX crash, not only ordinary investors in the crypto market lost their money, but also many top investment institutions fell along with them. It is reported that famous investment institutions including BlackRock, Ontario Pension Fund, Sequoia, Paradigm, SoftBank, Tiger Global, Circle, Multicoin, etc. have not escaped this round of plunge.

While the market is wailing, AET investors are fortunate to have “escaped”. While FTT brought down the whole market, AET always maintained a strong rally and came out of a wave of the independent markets.

According to ESM, the current price of AET has reached an all-time high of 732.28ACU, up 1.6%. On November 9, when the cryptocurrency market was in turmoil, the price of AET remained firm and oscillated around 700ACU. The market showed that the AET started to surge at around 7:30 on November 10, pulling up from around 703ACU to 720ACU, and then continued to rise steadily, setting a new all-time high.

The AET is issued by the AET Foundation (Australia). The AET Foundation operates globally with a focus in South East Asia. The AET public chain will be officially launched in 2022, and under the maintenance and operation of the AET Foundation, the AET public chain aims to become the world’s number one financial application payment public chain. The AET public chains support the basic functions of issuance, exchange and payment of the Asian ecological pass-through AET and realize the global free flow of AET in a safe and efficient manner.