Alameda Research and FTX exchange owner, Sam Bankman-Fried reported on Twitter that the FTX has finally come to an agreement with Binance regarding a strategic transaction:
- Sam Bankman-Fried newest statement indicate that the FTX exchange will be sold to the Binance exchange
- Bitcoin returns above $20,000
The FTX team is working on processing outstanding user withdrawals. Client assets are expected to be covered 1:1. The FTX exchange was expected to ask Binance to intervene and help in the face of a wave of withdrawals, which were eventually suspended by the exchange.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appAccording to Sam Bankman-Fried, Binance's acquisition of the exchange will benefit the industry and customers, and Chanpeng Zhao CEO of Binance will continue to work on building a global cryptocurrency ecosystem. SBF also stressed that FTX's previous security system was indeed not perfect. 
Bitcoin chart, H1 interval. The major cryptocurrency reacted euphorically to Sam Bankman-Fried's reported acquisition of FTX by the Binance exchange and is back above the key psychological resistance line at $20,000. Source: xStation5
Bitcoin price pulled back sharply this week, however sellers failed to break above major support at $19500 and fresh upbeat news sparked a rebound. The most popular cryptocurrency managed to erase most of today's losses, nevertheless as long as price sits below the long-term downward trendline the main sentiment remains bearish and another downward impulse towards support at $17,700 may be launched. On the other hand, if buyers manage to break above the aforementioned trendline, the upward move may accelerate towards resistance at $22,700 where highs from September 2022 are located. Source: xStation5
FTX managed to halt declines around 13.82 level and is currently testing an earlier broken lower limit of the descending channel. Nevertheless only a decisive break above resistance at $20.65 would point to a shift in sentiment. Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
