Monat: November 2022

Solana (SOL) is down more than 25% in the past 24 hours as crypto pops amid shocking news developments around the crypto exchange FTX.

SOL price dumps 25% as analyst points to Binance/FTX crypto news

The SOL/USD pair, which was priced above $32 early Tuesday, has touched lows of $24 as selling pressure across the crypto market saw all the major cryptocurrencies turn red on news Sam Bankman-Fried’s FTX was in trouble and Binance had moved in to help by agreeing an acquisition deal.

Ran Neuner, of CNBC Crypto Trader and founder of Crypto Banter, pointed to SOL’s price woes as related to what a Binance deal for FTX means for Solana.

“Solana [is] getting killed,” he tweeted as crypto prices across the market fell.  According to the analyst, the market was just realising that Binance CEO Changpeng Zhao “now owns 10% of the tokens and that he would rather support the BNB chain than SOL.”

He added:

“Also Solana just lost all the support and investment that FTX and @SBF_FTX were making in the ecosystem.”

Solana getting killed. Market realizing that @cz_binance now owns 10% of the tokens and that he would rather support BNB chain than SOL. Also Solana just lost all the support and investment that FTX and @SBF_FTX were making in the ecosystem.

— Ran Neuner (@cryptomanran) November 8, 2022

The post Solana price: Analyst explains why SOL is ‘getting killed’ appeared first on CoinJournal.

Binance is set to acquire the FTX crypto exchange in a surprise turn of events on Tuesday.

Just a day after FTX CEO Sam Bankman-Fried said his company was “fine” and would continue to be so, FTX and Binance have reached a deal to have Changpeng Zhao’s company buy FTX.

Both the Binance chief and SBF tweeted the development, with reference to a liquidity crunch that has seen FTX come full circle as a crypto exchange. Zhao tweeted:

“This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.”

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

— CZ 🔶 Binance (@cz_binance) November 8, 2022

Bankman-Fried confirmed the deal was on the table, also tweeting earlier on Tuesday:

“Hey all: I have a few announcements to make. Things have come full circle, and http://FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for http://FTX.com (pending DD etc.).”

1) Hey all: I have a few announcements to make.

Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).

— SBF (@SBF_FTX) November 8, 2022

The news follows recent reports about Alameda Research’s balance sheet and Tuesday’s massive price dump for the FTX token.

The post Binance to acquire FTX appeared first on CoinJournal.