Bitcoin price risks $17K amid claim Binance may reject FTX takeover

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Bitcoin (BTC) fell under $17,000 on Nov. 9 as rumors unfold over crypto change Binance exiting a deal to purchase embattled competitor FTX.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Binance CEO: “Don’t commerce FTT”

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD hitting $16,936 on Bitstamp earlier than rebounding.

The most recent dive hit an already shaky market, which had reacted badly to information that FTX had requested Binance for monetary help.

In a observe to workers shared on Twitter, Binance CEO, Changpeng Zhao (referred to as “CZ” within the crypto trade), informed them to chorus from buying and selling FTX’s in-house FTT (FTT) token.

“I need to remind everybody: DO NOT commerce FTT tokens. When you have a bag, you will have a bag,” it learn.

Whereas he stated that he “wouldn’t remark” on the FTX takeover deal, an unnamed supply subsequently informed trade information outlet CoinDesk that Binance had doubts over going by way of with it.

This in flip pressured crypto market sentiment, resulting in a drop which noticed large-scale losses throughout Bitcoin and altcoins.

Liquidations informed the story, with a complete of $860 million price of lengthy and brief positions worn out within the 24 hours to the time of writing, in keeping with monitoring useful resource Coinglass.

Crypto liquidations chart. Supply: Coinglass

FTT/USD traded at simply $3.60 on the day, down from $22 simply two days beforehand, resulting in comparisons with the Terra LUNA debacle.

“Actually, it feels bizarre, however issues will probably be higher from right here on,” Michaël van de Poppe, founder and CEO of buying and selling platform Eight, predicted.

“Errors must be made to enhance a system and that is what occurred with Mt. Gox, $LUNA, and now FTX. It’d really feel like we’re on the sting of collapsing crypto fully, however Bitcoin and crypto are right here to remain.”

FTT/USD 1-hour candle chart (FTX). Supply: TradingView

CPI day creeps up on crypto

With the crypto group distracted with inside issues, few paid consideration to the Nov. 10 United States Client Value Index (CPI) print.

Associated: Funding charges hit 6-month excessive earlier than CPI — 5 issues to know in Bitcoin this week

A supply of volatility in itself, the occasion is generally given full consideration, however even the U.S. midterm elections took a again seat this week.

“I am simply ready to see how CPI & how the market reacts Thursday,” dealer Josh Rager summarized in a part of a tweet Nov. 8.

The U.S. greenback index deserted modest good points on the day, heading under 110, whereas each the S&P 500 and Nasdaq Composite Index tread water.

“It is clear that Bitcoin is but once more priced to purchase for long-term spot however I am comfortable to attend to see how the market reacts with how the FED handles issues.”

U.S. greenback index 1-hour candle chart. Supply: TradingView

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a call.



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