The biggest news in the cryptoverse for Nov. 8 includes Binance’s plans to acquire FTX, Coinbase and Kraken’s downtime after the market plummeted, and FTX’s insolvency being questioned with transactions halted for two hours.
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Binance intends to fully acquire FTX
Binance CEO Changpeng Zhao tweeted that FTX approached the exchange looking for help as it was struggling with liquidity on its platform.
CZ said that Binance signed a non-binding letter of intent to acquire FTX.
Coinbase, Kraken down as Bitcoin breaks below June low
Bitcoin retreated to its lowest price since June and caused Coinbase and Kraken to break down. Both exchanges reported that they have been experiencing connectivity issues around 19:00 UTC.
These reports led the community to conspire if the exchanges were down due to a bank run.
Bitcoin balance on FTX Exchange goes negative – Coinglass
Over 20,000 Bitcoins were removed from the in FTX reserves in the past 24 hours, which left FTX with negative -197.95 Bitcoins.
This put FTX at the bottom of the list of exchanges with the lowest Bitcoin balances. The second lowest is Poloniex with 127.14 BTC, while exchange giant Binance holds 573.452 Bitcoins.
Two hours without withdrawals puts FTX’s liquidity in question
FTX stopped processing any transactions on the Ethereum (ETH) blockchain for two hours on Nov. 8. The last transaction was recorded at around 6:18 AM EST. Considering the liquidity crisis FTX has been experiencing lately, the halt in transactions sparked rumors of insolvency.
A total of $1.2 billion in crypto has been withdrawn from FTX in the past 24 hours, while only $540 million was deposited. This brings FTX to a negative net flow of -$653 million.
Risk Signal flashes red as Bitcoin loses $20K amid Binance-FTX feud
Bitcoin, along with the rest of the market, also fell following the FTT plummet. Responding to the fall, Bitcoin’s risk signal sank to a low of two.
The risk signal had only hit two on three other occasions since November 2021, and a major price fall was recorded each time.
Nearly 20K Bitcoins moved to Binance from FTX over 48 hours
FTX’s Bitcoin holdings have been shrinking since the beginning of November. It only accelerated after Nov. 6, and over 20,000 Bitcoins moved from FTX to Binance since then. This movement increased Binance’s Bitcoin holdings to over 640,000 Bitcoins.
FTX treasury lost over $3B in a week, while Binance treasury is up $2B
FTX’s Ethereum and…
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