The FTX infection eased further on Wednesday, providing a much-needed boost to the crypto market. After the news that FTX had $1.24 billion in cash reserves, former FTX CEO Sam Bankman-Fried raised hopes that investors would bail out the company.
In a letter to employees, Bankman-Fred said,
“There may still be a chance to save the company. I think there are billions of dollars of real interest from new investors that could go toward getting customers full. But I can’t promise anything will happen because it’s not my choice.”
The letter follows reports that Tron’s Justin Sun and Ripple’s Brad Garlinghouse have shown interest in acquiring FTX assets. Besides the reported $1.24 billion in cash holdings, investors are hopeful that the collapse of FTX will have a limited impact on creditors.
Overnight, the FOMC meeting minutes provided more support for the crypto market. Talk of stopping gas use boosted riskier assets ahead of the holiday, with the Nasdaq Composite up 0.99%. However, US economic indicators were disappointing, which limited the upside of the Nasdaq.
There are no US statistics to consider today, with US markets closed for Thanksgiving.