Bitcoin Price Prediction as BTC Rebounds Above $20,000, Binance Buying FTX
Bitcoin price prediction was bearish; however, it has shifted to bullish above the double bottom level of $19,230. Binance, a cryptocurrency exchange, has signed a non-binding letter of intent (LOI) to buy the FTX exchange. Binance CEO Changpeng Zhao said this would assist in relieving pressure on the FTX exchange's liquidity.
Sam Bankman-Fried, CEO of FTX, comments on how things have gone "full circle" with Binance being the exchange's first and last investor. Details of the agreement are being kept confidential. Whenever Binance chooses, it can terminate the agreement.
Bankman-Fried says the innovation might be good for the whole business sector. The "amazing work" Zhao has done in "developing the global crypto ecosystem" was also commended.
As a result of the merger, the crypto market has seen a new round of buying, with BTC rising by 6% in the last few hours. In addition, the FTX token (FTT) value has risen by more than 46%, from $14 to $21.
Earlier today, the market was risk-off, sending cryptocurrencies lower amid rumors of FTX insolvency. According to Coinglass, a cryptocurrency data platform, investors liquidated approximately $112.83 million in cryptocurrency in one hour.
The recent drop was most likely the result of cryptocurrency contagion caused by FTX's concern following a recent disagreement with Binance.
In any case, with the recent updates from Binance and SBF, the market's risk-off sentiment is shifting to risk-on, boosting investor confidence and driving a bullish market reversal.
According to data released last week by the Federal Revenue, the number of cryptocurrency investors in Brazil nearly doubled in the third quarter of 2022. Compared to the second quarter, which ended on June 30, when 794,981
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