Binance Signs Non-Binding Letter Of Intent To Acquire FTX – November 8

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $20,078

Bitcoin reached price has seen a turbulent 24 hours of trading, most recently recovering above the $20,000 mark following Binance’s possible FTX acquisition.

Top-20 altcoins have mostly continued to fall, with the exception of BNB and Chainlink, which has each surged 7%.

Top Stories for November 8, 2022 πŸ”₯

πŸ‘‰ Binance Signs Non-Binding Letter Of Intent To Acquire FTX

Binance CEO Changpeng Zhao has announced that Binance has signed a non-binding letter of intent (LOI) to fully acquire FTX, following a request for help by the struggling exchange.

Zhao has described the situation as “highly dynamic” and will be conducting due diligence over the next several days – with ability to pull out from the deal at any time.

πŸ‘‰ FTX Stops Processing Withdrawals, According To On-Chain Data

All eyes remain on crypto exchange FTX as the platform appears to have halted withdrawals, according to on-chain data.

The last clear transaction leaving the exchange was processed at 6:37 a.m. Eastern Time, according to Etherscan, as well as Tron and Solana block explorers.

The platform’s native FTT token has taken a significant dive overnight, down almost 37% over the last 24 hours – bringing further attention to insolvency rumors.

πŸ‘‰ Crypto Sees $344 Million In Liquidations As BTC, ETH Fall

FTT isn’t the only token that’s been affected by the FTX drama, as the total crypto market cap sheds $48 billion in value.

More than $344 million in leveraged trading liquidations have occurred over the last 24 hours, as almost $87 million in Ether positions are liquidated, as well as over $70 million in Bitcoin positions were forced to cover losses.