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.
The issue of inflation is currently of less importance in the foreign exchange market. Thus, according to economists at Commerzbank, dollar bears will not suffer losses even on the release of optimistic nonfarm payrolls.
Yesterday at 12:16 PMObviously there has been a structural shift in the markets toward a bearish dollar position. According to economists at Internationale Nederlanden Groep (ING), current U.S. nonfarm payrolls data may not cause an inversion of this trend.
Yesterday at 12:10 PMEuropean Central Bank President Christine Lagarde stated that inflation expectations should not change. People should be confident that price growth will return to the target level.
Yesterday at 11:56 AMCentral banks have recently been stepping up measures to combat global inflation. Investors, meanwhile, are actively discussing the continuation of high price levels amid limited supply.
Yesterday at 11:30 AMThe focus is on the OPEC+ meeting and the entry into force of bans related to the import of Russian oil.
Yesterday at 12:59 PM