The two largest crypto exchanges in the world, Binance and FTX, have reached an agreement to fix the latest “liquidity squeeze”. However, the fall of FTX Token (FTT) spread throughout the market and the market was painted red. In the midst of these developments, an announcement regarding FTT came from Binance.
Binance has updated the FTT/USDT parity.
cryptocoin.comAs you follow, there was literally blood in the cryptocurrency market today. Leading crypto Bitcoin (BTC) hit $17,300.80, its lowest level since November 2020. Ethereum rallied a bit after visiting $1,228.89 earlier. However, it is trading at $1,311.50, down 18.2% on a daily basis at press time.
These declines spread to the rest of the market. It even took power from the stock market rally. Smaller crypto assets tied to trading firm Alameda, also owned by FTX’s Sam Bankman-Fried, have suffered some of the biggest losses. The native token of the FTX trading platform, FTX Token (FTT), is down over 80%. The token tied to popular Ethereum rival Solana, of which Alameda is a big supporter, is down 26.4%.
Crypto stocks fell 11% in Coinbase and Robinhood, in which Bankman-Fried owns 7.6%, most recently fell 14.5%. Crypto banks like Silvergate and Signature, and Bitcoin miners like Hut 8 and Riot Blockchain fell by double-digit percentages.
After these dramatic developments, Binance has announced that it will make an update regarding the FTX Token (FTT). The update in question is about “Tick Size” in FTT parities. After that, there will now be more numbers after the point. Within the scope of the update, 2 more digits will be added after the dot to the USDT parity of FTT. So, the current price of FTT/USDT on Binance will be seen as 5.190 instead of 5.19. The reason for the update is that the price has dropped to single digits. By increasing the number of digits, it will be possible to write orders in more levels.
Binanace’s move to buy FTX
The moves come after Bankman-Fried, CEO of crypto exchange FTX, announced on Twitter that he would buy Binance’s business outside of the US for an undisclosed fee. Binance CEO Changpeng Zhao confirmed the news minutes later on Twitter.
The deal will only affect FTX and Binance’s non-US businesses. Bankman-Fried, also known as SBF, said in his tweets that each company’s US arms, Binance US and FTX US, are separate and will not be affected. The CEOs noted that the deal has not been finalized and that companies need to do more to do.
The crypto market has started the day as investors’ concerns about FTX’s solvency continue to rise following rumors about the exchange and its sister company, Alameda Research. After the deal, the market briefly recovered. However, news that the US Commodity Futures Trading Commission (CFTC) has launched an investigation smashed the market.
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