BREAKING: Cryptocurrencies rebound in face of Binance and FTX pending agreement 📈

5:47 PM 8 November 2022

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

Open real account TRY DEMO Download mobile app Download mobile app

According 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

Share:
Back
Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language