Binance Cancels FTX Acquisition, Bankruptcy Likely With $8B Shortfall – November 10

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$16,665

Bitcoin price briefly dipped into the $15,000s over the last day of trading, as Bitcoin looks to find support after a turbulent start to the week.

Top-20 altcoins also took a continued hit, but have bounced back slightly overnight. Ethereum has bounced back 6%, BNB 5% and Solana has a further slump of 4%.

Top Stories for November 10, 2022 🔥

👉 Binance Cancels FTX Acquisition, Bankruptcy Likely With $8B Shortfall

Binance has canceled its potential acquisition of competitor exchange FTX, after a review of the company’s financial records.

FTX CEO Sam Bankman-Fried has informed investors that the company faces a shortfall of as much as $8 billion and will need to file for bankruptcy unless it manages to receive a cash injection.

The Department of Justice and the Securities and Exchange Commission (SEC) are both reportedly investigating FTX US.

👉 Stablecoins USDD & USDT Drift From Dollar Peg

Tron’s USDD stablecoin and Tether’s USDT stablecoin have both begun to drift from their $1 pegs over the last 24 hours, as the market turbulence continues.

Justin sun speculated that Alameda Research may have created the initial de-peg of USDD, by selling its holdings of the stablecoin. USDD has fallen to as low as 97 cents per token.

👉 Solana Total Value Locked Falls By One-Third In A Day

The total value locked within the Solana blockchain ecosystem has plummeted by almost 33% in a day, as concerned users take funds off the network and assets drop in value.

Solana was heavily owned and supported by Alameda Research and FTX exchange, leading to a risk-off movement by traders and investors.