Tag: FTX

Bitcoin price swings to over $20K as Binance helps FTX ‘liquidity crunch’

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Bitcoin (BTC) saw major volatility after the Nov. 8 Wall Street open as turmoil over crypto exchange FTX punished markets further. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Binance hints at plan to buy FTX Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,244 on Bitstamp, marking the pair’s lowest levels in two weeks and 24-hour losses of nearly 7%. FTX remained the main topic in the industry, despite the United States midterm elections getting underway and Nov. 10 due to deliver fresh inflation data. “Event of the week was…

Binance CEO announces intent to acquire FTX to ‘help cover the liquidity crunch’

Following Binance CEO Changpeng Zhao’s announcement that the company would liquidate its position in FTX Token (FTT), FTX CEO Sam Bankman-Fried, also known as ‘SBF,’ took to social media seemingly in an effort to quell rumors of conflict between the major crypto exchanges. According to a Nov. 8 Twitter thread from Bankman-Fried, FTX has “come to an agreement on a strategic transaction” with Binance following attempts to clear out its withdrawal backlog. SBF said he had asked Binance to step in, aiming to “clear out liquidity crunches” and cover assets…

Binance Liquidates Its FTT as CEO Changpeng Zhao Says FTX Lobbying Against Rival Exchange

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Binance has announced it’s selling off all its FTX Token (FTT), as CEO Changpeng Zhao says FTX has been engaging in political efforts against Binance. In a Twitter thread, Zhao says that last year, Binance decided to sell its equity in FTX, receiving billions in stablecoins and the exchange’s native token FTT. Now, Zhao, who heads the largest crypto exchange in the world by volume, says Binance is getting rid of the assets received in the exit with “revelations” coming to light. “As part of Binance’s exit from FTX equity…

Ethereum Reserves Of FTX Collapse In The Midst Of Liquidity problems

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FTX seems to fall deeper into its despair pit without any anchor. The crypto exchange is facing several issues threatening the stability of the firm. First, there appears to be an ongoing war between FTX and the Binance crypto exchange. This is presumed to involve their respective CEOs, Sam Bankman-Fried (SBF) and Changpeng Zhao (CZ). Binance announced its plans to liquidate FTT token holdings, which it has carried out. There’s still no explanation for Binance’s sudden lack of interest in the FTT tokens. However, some opine that Binance may consider…

Users Flee FTX? Exchange Sees 47% Drop In On-Chain Balance

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The crypto industry is witnessing a new war between exchange giants FTX, led by Sam Bankman-Fried, and Binance-led Changpeng “CZ” Zhao. Over the past week, rumors emerged about the former exchange becoming insolvent and holding an illiquid balance sheet.  The Binance CEO seems to be fulling speculations. During the weekend, CZ expressed concerns about “recent revelations” around FTX. In 2021, Binance invested FTX and received around $2 billion in BUSD, and the Bankman-Fried supported token FTT.  Now, Binance will sell its FTT tokens and liquidate any participation and equity in…