Bitcoin jumps to $20,700 after Binance announces plans to acquire FTX.
The leading cryptocurrency by market cap, which was trading around $19,200 earlier in the day, surged 7.6% following the news.
However, the reversal was short-lived as BTC fell to $18,800 at the time of writing. Bitcoin fell to $18,420 before slightly recovering. This price action appears to be related to FTX’s liquidity crisis and a potential death spiral for his FTT token.
After Binance announced that it would acquire FTX, the price of Bitcoin surged, and the FTT token rose briefly by 44% to $20.80. However, the token only recovered for a short period of time, with him down to $9.40 less than two hours after the acquisition announcement.
$85.94 million of Bitcoin has been liquidated in the last four hours, ending Nov. 8. Across the crypto market, $303.68 million has been liquidated. The majority of the liquidations were due to long positions, according to Coinglass data.
