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The market dropped: Binance withdraws the offer to buy FTX. Bitcoin fell to $15,000 as a result.
Binance does not buy FTX
Binance is withdrawing from the FTX business, citing “mishandled customer funds” and regulatory oversight. On November 8, the exchange announced its intention to buy FTX, but noted that it had to do due diligence first. A day later, Binance announced that the takeover would no longer be pursued.
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided not to pursue a potential acquisition https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022
US authorities launched an investigation into FTX – and that changed Binance’s mind. In the last 24 hours, $861 million worth of cryptocurrencies have been liquidated in the market. Of that, Bitcoin (BTC) short positions accounted for $259 million, which helped push Bitcoin down to $17,000.
Bitcoin options traders turned bearish
The Options Put/Calls Open Interest Ratio (OIPCR) shows that investors are inclined to buy, indicating a bearish market sentiment.
The OIPCR is calculated by dividing the total number of open calls by the total number of open calls on a given day. It has grown since the eruption of the FTX crisis. However, he didn’t see his extremes like he did during Luna’s fall.
Crypto Exchanges Issue “Proof of Reserves”
After the market explosion due to the FTX crisis, Binance CEO Changpeng Zhao has emphasized that exchanges should publish proof of Merkle tree reserves to prove that they are not insolvent.
All crypto exchanges should perform merkle-tree-proof-of-reserves.
Banks run on fractional reserves.
Crypto exchanges should not.@Binance proof of reserves will start making soon. Full transparency.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
Following Zhao’s lead, several leading exchanges including OKX, Huobi and KuCoin said they intend to release their fund reserves to address the current issues in the market. Gate.io was now the first exchange to publish its Merkle tree proof of reserves.
Solana: Crash coming?
Solana (SOL) is also suffering from the recent FTX crisis: SOL has lost 51% of its value since the beginning of the week. It could be that the bottom falls even further.
The Solana stock lock period will end within 24 hours – around 18 million SOL tokens will then be released. Investors are likely to exit their positions and trigger a “second wave sell-off”.
“There is no gain for us”: CZ on the FTX takeover
According to Binance Boss CZ, this is not a very pleasant situation for the crypto community and therefore a “no win” for Binance either.
“Don’t think of it as a win for us. The user’s confidence is badly shaken. Regulators will further scrutinize exchanges. Licenses will be harder to come by around the world.”
Crypto Crash: Stablecoins also affected
The turmoil in the market also pushed stablecoins below $1. Tether (USDT), USD Coin (USDC), Dai (DAI) and Binance USD (BUSD) fell to around $0.998.
Even if the drop so far doesn’t seem like a Luna-like spiral, it does show that the mood is fearful.
FTX founder Sam Bankman-Fried’s venture capital firm, Alameda Research, had its share of the FTX bear market. As of November 9, Alameda’s official website is no longer accessible, as is the FTX Ventures website.
Trading platform Dash 2 Trade: Undoubtedly pre-sale at FTX play
Meanwhile, the FTX drama is not affecting the pre-sale of the trading platform Dash 2 Trade. The project has been able to raise almost 6 million dollars in capital from interested investors so far, so it is moving quickly towards the completion of phase 3 pre-sale. Currently 1 token costs 0.0513 dollars, with the start of phase 4 the price rises to 0.0533 dollars. Apparently, many investors are banking on Dash 2 Trade’s promise of convenient real-time trading with attractive features like chain analysis and trading signals.
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— Dash 2 Trade (@dash2_trade) November 9, 2022
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Text credit: Cryptoslate
Updated November 10, 2022
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