Bitcoin jumped to $20,700 following the announcement of Binance’s plans to amass FTX.
The main cryptocurrency by market cap had been buying and selling down at round $19,200 earlier within the day however surged 7.6% following the information.
Nonetheless, the reversal was short-lived, as BTC has fallen again to $18,800 as of press time. Bitcoin fell as little as $18,420 earlier than recovering barely. The worth motion seems to be associated to the liquidity disaster at FTX and the potential demise spiral of the FTT token.
The surge in Bitcoin’s value got here after Binance introduced it might purchase FTX, which quickly precipitated the FTT token to leap 44% to $20.80. The token, nonetheless, solely recovered for a brief interval and is now down to simply $9.40 lower than 2 hours after the acquisition announcement.
There was $85.94 million in Bitcoin liquidations over the previous 4 hours all through Nov. 8. Throughout your entire crypto market, $303.68 million has been liquidated. The vast majority of the liquidations have been from lengthy positions, in accordance with knowledge from Coinglass.
