US equities had another lacklustre day, eking out mediocre gains on weak market internals.
All the action was in crypto of course, with the collapse of FTX exchange. Most of the large coins are down 20%+ in the last 24 hours, with the FTX coin down 80% and Solana off almost 50%.
Binance have expressed an intention to buy out FTX, although no terms are yet known and nothing has been signed. FTX appear to have over-stretched their balance sheet, leading to a massive (USD 6b+) run on investor funds held with the exchange, and triggering a liquidity crisis. Crypto will remain weak until any Binance deal is confirmed / terms are made known.
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