Bitcoin price risks $17K amid claim Binance may reject FTX takeover
Bitcoin (BTC) fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,936 on Bitstamp before rebounding.
The latest dive hit an already shaky market, which had reacted badly to news that FTX had asked Binance for financial assistance.
In a note to staff shared on Twitter, Binance CEO, Changpeng Zhao (known as “CZ” in the crypto industry), told them to refrain from trading FTX’s in-house FTT (FTT) token.
“I want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag,” it read.
While he said that he “would not comment” on the FTX takeover deal, an unnamed source subsequently told industry news outlet CoinDesk that Binance had doubts over going through with it.
This in turn pressured crypto market sentiment, leading to a drop which saw large-scale losses across Bitcoin and altcoins.
Liquidations told the story, with a total of $860 million worth of long and short positions wiped out in the 24 hours to the time of writing, according to monitoring resource Coinglass.
FTT/USD traded at just $3.60 on the day, down from $22 just two days previously, leading to comparisons with the Terra LUNA debacle.
“Honestly, it feels weird, but things will be better from here on,” Michaël van de Poppe, founder and CEO of trading platform Eight, predicted.
With the crypto community distracted with internal problems, few paid attention to the Nov. 10 United States Consumer Price Index (CPI) print.
Related: Funding rates hit 6-month high before CPI — 5 things to know in Bitcoin this week
A source of volatility in itself, the event is normally given full attention, but even the U.S. midterm
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