Bitcoin Price and Ethereum Hold Crucial Support, FTX Token Sheds 84%
The cryptocurrency market continues to shed blood, with the majority of cryptocurrencies trading in the red on November 9 due to panic selling yesterday, fueled by rumors of FTX's insolvency. While Bitcoin fell to nearly $18,000, Ethereum was on the verge of a significant loss below $1,300.
The global crypto market cap is $913.58 billion, over 11% from the previous day. DeFi's total volume is currently $9.99 billion, accounting for more than 4.5% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $199 billion, accounting for 93% of the total 24-hour volume of the crypto market.
Sam Bankman-Fried, who established the cryptocurrency exchange FTX into a global powerhouse, has tweeted that Binance has agreed to buy the company. Following news of an alleged impending Binance buyout, the native token of Sam Bankman-cryptocurrency Fried's exchange FTT rose initially, but investors remained uncertain, and FUD triggered a dramatic sell-off, causing FTT to fall from $22 to $4, a drop of more than 80%.
Changpeng Zhao, the founder of Binance, also took to Twitter to discuss the transaction, writing, "This afternoon, FTX asked for our support." We are experiencing a severe shortage of cash. To ensure the safety of our users, we have signed a non-binding LOI with the intention of acquiring FTX.com in its entirety and relieving the financial strain.
Within the next few days, we'll be performing a thorough DD. Since falling sharply on Saturday night, when Binance CEO Changpeng Zhao said the exchange would dump hundreds of millions of dollars worth of FTX's native token FTT due to allegations of Alameda Research's insolvency, Bitcoin and Ether have been steadily regaining their losses.
The CEO of FTX,
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