- Robinhood’s $HOOD stock is down 10% at press time.
- The FTX-Alameda insolvency rumours have negatively impacted the prices of $HOOD
- SBF owns nearly $600 million’s worth of $HOOD shares.
- Crypto Twitter is flooded with rumours about whether SBF will be compelled to sell his $HOOD stock in order to save Alameda and FTX.
Robinhood Markets Inc.’s $HOOD has dipped 10% in the last 24 hours. The recent price dip has been attributed to the growing insolvency rumours concerning SBF-backed Alameda and the fact that FTX CEO Sam Bankman-Fried owns nearly 56 million shares of Robinhood’s HOOD stock.
Robinhood’s $HOOD stocks are down 10%.
The crypto Twitter sleuths have dug up information about SBF and his stake in Robinhood’s HOOD stock. It was later revealed that SBF owns nearly 56 million shares of Robinhood’s HOOD stock.
The recent revelations concerning FTX’s CEO, Sam Bankman-Fried, owning nearly $500 million worth of $HOOD stock have now started to affect its price, which has dropped 10% at the time of writing.
The rumours concerning Alameda’s insolvency have proved detrimental for $HOOD which has registered a sharp drop in its prices. The sudden price drop has led crypto Twitter users to suspect its recent price decline, fanning a range of new speculations. One user wrote how the hood price drop would make sense if “SBF is selling his stake because he may need to raise money to save FTX, which would mean short here seems solid, because the stock will tank on the filing that he’s sold and he prob has more to sell.”
The speculation is rife on the internet about whether SBF-backed Alameda is going to be insolvent any time soon. The rumours are based on the recently acquired balance sheet of Alameda, which has been making rounds on Twitter as of late.
The balance sheet reveals that the majority of Alameda’s funds are linked to its FTT tokens. The following revelations are dubbed strong enough to jeopardise FTX’s position as a leading cryptocurrency exchange and have already started to take a toll on its market dominance
Soon after the news broke out, FTX’s native token, FTT, registered a drop in its price, diving as low as 22%. The speculations gained further traction when Binance’s CEO Changpeng Zhao decided to liquidate the exchange’s FTT holdings.
Despite such stark developments, FTX CEO Sam Bankman-Fried has denied the growing rumour spree and has assured his followers that FTX is fine and stable at the moment.
The FTX-Alameda controversy has not only affected the $HOOD stock price but has negatively impacted the prices of all leading cryptocurrencies. The bearish market stance, coupled with FTX-Alameda insolvency rumours, has pushed Bitcoin to drop 6.50% ($19,380), while Ethereum and Solana are down 8.6% ($1,450) and 14.8% ($27.54), respectively.