Binance’s Acquisition Of FTX Causes Crypto Prices To Plummet

HomeCrypto exchanges
Share this article
Subscribe for weekly updates
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Sam Bankman Fried; Photo Source: News5h

The recent announcement of Binance agreeing to purchase FTX sparked liquidity fears in the crypto community, causing huge selloffs and wild fluctuations in the prices of crypto assets.

Since the beginning of November, Bitcoin (BTC) had maintained its $20K support. However, Bitcoin’s price plunged by over 12% following the Binance-FTX acquisition deal. As of writing, Bitcoin is priced at $18,374.

Ethereum (ETH) has also broken its $1,500 support and has since resumed a downtrend in its prices. The token is currently valued at $1,320, down by over 17.5% within the last 24 hours.

Similarly, Solana (SOL) experienced a decline of roughly 25% and is priced at $23.88.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


The FTX Token (FTT) has emerged as one of the worst-hit coins following this deal. FTT was trading above the $20 mark before Binance’s CEO, Changpeng Zhao, announced his plans to sell off $529M worth of FTT assets. The token hit $3.15 a few hours after the crypto exchanges agreed that Binance will fully acquire FTX. Presently, FTT hinges at the $5.3 mark, with over 75% drop in its price over the past day.

Written by
Ayush Pande

The recent announcement of Binance agreeing to purchase FTX sparked liquidity fears in the crypto community, causing huge selloffs and wild fluctuations in the prices of crypto assets.

Since the beginning of November, Bitcoin (BTC) had maintained its $20K support. However, Bitcoin’s price plunged by over 12% following the Binance-FTX acquisition deal. As of writing, Bitcoin is priced at $18,374.

Ethereum (ETH) has also broken its $1,500 support and has since resumed a downtrend in its prices. The token is currently valued at $1,320, down by over 17.5% within the last 24 hours.

Similarly, Solana (SOL) experienced a decline of roughly 25% and is priced at $23.88.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


The FTX Token (FTT) has emerged as one of the worst-hit coins following this deal. FTT was trading above the $20 mark before Binance’s CEO, Changpeng Zhao, announced his plans to sell off $529M worth of FTT assets. The token hit $3.15 a few hours after the crypto exchanges agreed that Binance will fully acquire FTX. Presently, FTT hinges at the $5.3 mark, with over 75% drop in its price over the past day.

Written by
Ayush Pande