Upbeat sentiment caused by news that news that Binance will acquire FTX to cover a liquidity crunch at the latter did not last very long. Binance Chief Executive Changpeng Zhao said today the company had signed a non-binding agreement to buy rival FTX's unit following solvency concerns, however this brought only a temporary relief to crypto bulls. Currently majority of projects (with an exception of Binancecoin) fell to new session lows, as it seems that traders realized that the insolvency of major cryptocurrency exchange is not a good news.
Bitcoin fell below major support at $19500. Source: xStation5
FTX fell around 60.0% during today's session. Source: xStation5
Binancecoin erased most of the fresh gains. Source: xStation5
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