CZ Confirms Acquisition of FTX

Binance Acquire FTX: BNB Soars

CZ Confirms Acquisition of FTX
Source: Freepik

Binance CEO Changpeng Zhao (CZ) recently confirmed in a tweet that the company would acquire FTX in full. This was also confirmed by Sam Bankman-Fried in a recent tweet of his.

The CEOs of both exchanges have confirmed that they have agreed to a strategic transaction. The drastic action was taken to ease the severe cash flow problems that have arisen recently. Sam Bankman-Fried announced to his Twitter followers that the acquisition deal was set subject to due diligence. SBF claims that this “strategic transaction” will aid in alleviating the backlog and safeguarding customers.

BNB’s value increased by over $40 in response to the announcement. According to data compiled by CMC, BNB has gained 12.81% in the last 24 hours, trading at $376 at the time of writing.

CZ Confirms Acquisition of FTX

BNB price spikes by $40 after Binance acquire FTX

Bitcoin’s price dropped below $20,000, and the entire cryptocurrency market was trading in the red. BNB, however, showed respectable gains after the announcement of the landmark acquisition. The last 30 days have seen BNB rise by 34%, and the last seven days have seen a rise of over 17%.

On-chain data corroborated evidence that FTX had halted withdrawals for more than two hours before the acquisition news was publicized. Details from Etherscan indicate, however, that it has resumed.

There may soon be peace in the “war” between two of the biggest names in the blockchain space. The liquidity issues will be fixed with the help of Binance, and CZ will be able to acquire FTX in its entirety.

Source: Watcher

Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.




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One response to “Binance Acquire FTX: BNB Soars”

  1. […] has happened to FTX in the cryptocurrency market is unprecedented. Binance’s decision to back out of a deal to acquire the now-tainted platform only adds fuel to the fire of reports of customer assets being […]

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