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　　Virtual currencies plummeted across the board. According to data from the cryptocurrency website Crypto Compare, as of 19:00 on November 9, among the top 100 virtual currency products, only 3 virtual currencies showed growth.

　　According to Coinglass data, as of 19:30 p.m. on November 9, $12.49 million had been liquidated in the last hour, and $200 million had been liquidated in the last 12 hours. In the past 24 hours, more than 390,000 people have been liquidated, and $838 million has evaporated. The largest single-currency liquidation order occurred in Binance - BTCUSDT, worth $6.7044 million.

　　Among the virtual currency products, the FTX trading platform token FTT fell the most fiercely.

　　Since 12 a.m. on November 9, the price of FTT has dropped all the way. In less than 3 hours, its price has dropped from a high of $17.71 to $4.6, a drop of 74%. As of 19:30 on November 9, the latest price of FTT was $4.37.

　　Bitcoin and Ethereum, as mainstream virtual currencies, cannot escape this plummeting trend.

　　At 1:00 a.m. on November 9, the price of Bitcoin fell below the $20,000 mark and fell below $18,000 within 3 hours, a drop of 12.91%. As of 19:30 on November 9, the latest price of Bitcoin was $17,703.

　　At about the same time, Ethereum dropped from $1,574 to $1,288. As of 19:30 on November 9, the latest price of Ethereum was reported at $1,205, a drop of 18.09%.

　　In addition, Binance’s virtual currency BNB fell by more than 10%, Musk-backed Dogecoin (DOGE) fell by more than 20%, and the virtual currency Solana (SOL), which is closely related to FTT, fell by more than 40%.

　　The virtual currency fell across the board, causing a chain reaction of virtual currency concept stocks. On November 8, local time in the United States, the stock of the encrypted exchange Coinbase fell by 10.78%, and the stock of the American Internet brokerage Robinhood (Robin hood) fell by 19.04%.

　　It is reported that in recent years, the price of FTT has reached a peak of $78 in September 2021. Its founder, SBF (Sam Bankman-Fried), entered the currency circle after resigning from the famous hedge fund Jane Street in 2017, and successively founded the quantitative cryptocurrency fund Alameda Research and the FTX trading platform.

　　Analysts pointed out that the virtual currency crash may be caused by a series of negative news about FTX in recent days.

　　Recently, according to foreign media CoinDesk, a financial statement from Alameda Research showed that as of June 30, Alameda’s assets reached $14.6 billion, including a large amount of FTT, with a total value of about $5.7 billion, accounting for 39% of total assets. . Also included is a considerable amount of SOL tokens, while cash and cash equivalents are only $130 million.

　　Once the news was released, a large number of investors questioned the existence of insider trading between Alameda Research and FTX.

　　On November 8, Changpeng Zhao, the founder of Binance, published a document revealing that Binance is about to acquire FTX. He said that Binance received a request from FTX due to severe liquidity crunch, and the two parties have signed a letter of intent for the acquisition. After Zhao Changpeng's post, FTT fell sharply, and the price fell from $25 to $16.

　　SBF also publicly confirmed the above remarks, saying that it has reached a strategic transaction agreement with Binance, and the team is clearing the withdrawal backlog according to the original situation.

　　This means that another giant in the virtual currency industry has fallen, following the announcement of bankruptcy by crypto companies such as Three Arrows Capital, Celsius, and Traveler Digital this year.

　　It is reported that the acquisition only affects FTX's non-U.S. business, not the U.S. business. However, the 2021 financial report shows that FTX's US business segment accounts for only 5% of total revenue.

　　Some analysts believe that the reason why SBF is willing to do this transaction shows that a large-scale run has occurred in the past 48 hours, and FTX has been seriously damaged.