9 November 2022 | Other

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.



Company MarketCheese
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
Today at 11:30 AM 26
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
Today at 09:54 AM 14
Period: 28.04.2025 Expectation: 3100 pips
Buyers may retake initiative in USDJPY with target of 146.00
Today at 08:41 AM 14
Period: 02.05.2025 Expectation: 229 pips
Selling natural gas with target of 2.900 amid warm weather in US and Europe
Today at 07:01 AM 14
Period: 02.05.2025 Expectation: 1000 pips
Technical rebound of NVIDIA stock to result in pullback to 95
Yesterday at 11:27 AM 43
Gold sell
Period: 25.04.2025 Expectation: 7000 pips
Gold to correct to level of 3,250
Yesterday at 10:02 AM 100
Go to forecasts