9 November 2022 | Trades | CEOs

Cryptocurrencies tries to get stable as Binance-FTX deal chills market

On Wednesday, the cost of bitcoin dropped below 10%. Fears related to the stability of the FTX exchange led to the frantic withdrawal of funds and a deal that should rescue it from a stronger Binance player.

This week the cost of FTT (token tied to FTX) decreased by 75% to a record low. This is related to the bankruptcy of the crypto exchange. 

Head of Binance Changpeng Zhao tweeted that the world's biggest crypto exchange concluded the nonbinding agreement on the acquisition of FTX operations outside the USA. This happened shortly after FTX removed the withdrawal option.

The acquisition of Binance shows that there will be no withdrawal of funds from FXT. All FTX operations outside the US will likely be merged with Binance.

The bankruptcy of FTX was one of the hardest events for the world of cryptocurrencies this year. A serious rise in interest rates and a series of hacks have negatively affected investor sentiment. The exchange suspended the withdrawal of funds following the example of Celsius and Voyager Digital. The reason for this was the liquidity crisis, provoked by the fall of the cryptocurrency.

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