FTX collapse is ‘a black swan event’: Wedbush’s Dan Ives

The crypto market is experiencing a stunning downfall following the collapse of the exchange FTX (FTT-USD).

FTX filed for Chapter 11 bankruptcy protection followed a failed takeover by rival Binance (BNB-USD) earlier in the week, with Sam Bankman-Fried resigning as CEO after engineering a liquidity hole of billions.

“It’s a black swan event,” Wedbush tech analyst Dan Ives said on Yahoo Finance Live (video above). “It’s a cautionary tale for what you see in sectors and unfortunately, many will feel the pain.”

The ensuing fallout has sent crypto markets into a spiral.

“I’m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week,” Bankman-Fried said said in a tweet. “I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do.”

Bankman-Fried added he will be working as an advisor now to try and bring “liquidity” to the platform’s users.

“These are some dark days in crypto — it’s very unfortunate the things we are seeing now with FTX,” Ives said.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Read More: FTX collapse is ‘a black swan event’: Wedbush’s Dan Ives

2022-11-11 19:31:30

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