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Bitcoin and the global crypto markets are seeing a sharp turnaround as two of the world’s major crypto exchanges announced an emergency rescue deal that has sent shockwaves across the sector.
Following speculations of FTX insolvency and liquidity issues, Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried announced that Binance will buy FTX pending a due diligence procedure.
Binance CEO Changpeng Zhao announced the deal on Twitter, noting that FTX began the deal with a plea for assistance. Zhao also cautioned that FTT, FTX’s native coin, will likely face high volatility for the foreseeable future.
Prior to Bankman-disclosure, Fried’s FTX looked to be experiencing difficulty processing withdrawals as concerns circulated concerning the viability of the exchange and its trading subsidiary Alameda Research.
FTT also had significant sell pressure, with the troubled exchange token dropping 80% to $4.55 at the time of writing.
The issues have contaminated the entire crypto market with Bitcoin now trading at a low not seen since December 2020 at $17,825 per coin according to CoinMarketCap data.