Binance’s FTX Acquisition Looks Unlikely After First Review Of Company – November 9

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $17,242

Bitcoin price recovery did not last long following Binance’s apparent rescue yesterday, as prices plummeted shortly after into the $17,000 range.

Top-20 altcoins have seen mammoth price drops over the last 24 hours, as Ethereum and BNB each tumble 24% and Solana sees a substantial 44% drop.

Top Stories for November 9, 2022 πŸ”₯

πŸ‘‰ Binance’s FTX Acquisition Looks Unlikely After First Review Of Company

Sources say Binance appears unlikely to follow through with its acquisition of FTX, following an initial look at the company’s books.

Binance signed a non-binding letter of intent to take over FTX yesterday, as troubles with the exchange precipitated via a bank-run upon rumors of insolvency. FTX reportedly had also sought help from other large exchanges, including Coinbase and OKX.

πŸ‘‰ Almost $1 Billion Solana (SOL) Tokens To Be Unlocked In 24 Hours

Almost $1 billion worth of Solana (SOL) tokens are set to be made available for un-staking today, representing 13% of the entire circulating supply. It will be the second-largest amount of tokens that have been unlocked in any Solana epoch.

The unlock has triggered some concerns of a further price slide on the token, which has already suffered significant losses from the FTX drama. The exchange had heavy involvement with the Solana blockchain.

πŸ‘‰ Tether, Circle & Coinbase Say No Exposure To FTX Or Alameda

Prominent crypto players Tether, Circle and Coinbase have all denied having any material exposure to FTX and Alameda Research, following the collapse of the two entities.

Tether and Circle had the entities as customers, but maintain they have no current exposure to them. Coinbase has no relationship with either entity, and has criticised the risky business practices used.