Binance has announced its intention to acquire FTX, the popular cryptocurrency management platform. While the latter was worth $32 billion at the start of the year, it was weakened by a series of charges against it. As usual, the cryptocurrency market panicked and caused the price of Bitcoin and Ether to fall.
After the fall of stablecoins in May 2021, the market struggled to recover from the extreme panic that affected all investors. If things seem to have calmed somewhat, unresolved, the IMF still sees the situation as tragic.
Recently, accusations about managing FTX accounts surfaced, following a conviction article published by specialist media CoinDesk. Controversy is swelling and the company is rapidly losing value. Binance CEO Changpeng Zhao is taking advantage of the situation, saying in particular that his rival is going through a “significant liquidity crisis.”
In the aftermath, FTX is accused of a new 30% drop in the stock market. In just a few hours, Bitcoin in turn fell, falling below $18,000, a two-year low. Ether, on the other hand, is also down 13% this morning.