The 9/11 Of The Crypto Industry!
The possible takeover of crypto giant Binance by FTX is currently stirring the market.
Update (Nov. 9, 10:30 p.m.):
The deal is off.
Update (Nov. 9, 6:50 p.m.):
The FTX acquisition of Binance seems less likely. According to reports from Coindesk, the company has decided against an acquisition after reviewing the crypto trading venue so far.
The news surrounding the world’s third-largest crypto exchange is currently stirring the industry. On Tuesday, the trading venue FTX announced that it would have to sell large parts of its business to prevent a bank run and an associated liquidity crisis. The emergency sale was expected to go to competitor Binance, which also announced the partial takeover via Twitter. However, the developments did not only have an impact on FTX customers, but on the entire market.
The oldest cryptocurrency Bitcoin fell in the meantime to around $17,000 dollars — the lowest level in two years. By comparison, Bitcoin reached its all-time high of $69,000 dollars in November 2021. And the Fear and Greed Index, which measures sentiment on the Bitcoin market, is currently at a value of 22 and thus in the “Extreme-Fear” range. Other currencies followed along behind.
