"Who needs Netflix when you are in crypto?", commented a user on Twitter as the crypto industry attempts to digest the acquisition of cryptocurrency exchange FTX by its rival Binance. The deal, disclosed on Nov 8., has been compared with a "chess move" by some, insinuating that Binance's strategy intentionally led to the deal. Users on Twitter claimed that "CZ just executed the most gangster play we've seen in Crypto, ever, period," referencing the series of tweets from Binance CEO Changpeng Zhao that triggered the acquistion. CZ just executed the most gangster play we've seen in Crypto, ever, period. The …

FTX Token (FTT) and Solana (SOL) endured a tough weekend of trading which saw altcoins take double-digit losses in the 15% to 30% range, but the tide turned as news broke that Binance could be in the process of acquiring FTX. On Nov. 8, FTX CEO Sam Bankman-Fried first took to Twitter to announce a liquidity sharing partnership with Binance exchange. Changpeng Zhao “CZ”, the CEO of Binance agreed to step in and provide liquidity to what was beginning to look like a bank run. Bankman-Fried billed the development as user-focused which benefits the entire industry. 1) Hey all: I …

Bitcoin BTC saw major volatility after the Nov. 8 Wall Street open as turmoil over exchange FTX punished markets further. Binance hints at plan to buy FTX Showed BTC/USD hitting $19,244 on Bitstamp, marking the pair’s lowest levels in two weeks and 24-hour losses of nearly 7%. FTX remained the main topic in the industry, despite the United States midterm elections getting underway and Nov. 10 due to deliver fresh inflation data. “Event of the week was supposed to be US CPI on Thursday, not two billionaires with acronyms for names nuking the market,” popular commentator Tedtalksmacro summarized. Worries over …

Following Binance CEO Changpeng Zhao announcing the company would liquidate its position in FTX Tokens, FTX CEO Sam Bankman-Fried took to social media seemingly in an effort to quell rumors of conflict between the major crypto exchanges. According to a Nov. 8 Twitter threads from Bankman-Fried, FTX has “come to an agreement on a strategic transaction” with Binance following attempts to clear out its withdrawal backlog. SBF said he had asked Binance to step in, aiming to “clear out liquidity crunches” and cover assets on a 1:1 basis. “I know that there have been rumors in media of conflict between …

Bitcoin (BTC) and crypto markets fell heavily into Nov. 8 as contagion from the FTX debacle spilled over. Analysts dismiss FTX insolvency fears Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $19,351 on Bitstamp — its lowest levels since Oct. 25. The pair, along with altcoins large and small, had already begun to show weakness as moves by Binance to cancel exposure to FTX’s in-house (FTT) token were confirmed by CEO Changpeng Zhao. In a Twitter thread later on Nov. 7, Zhao defended the decision, while FTX CEO Sam Bankman-Fried attempted to reassure markets that his trading …

Smaller cryptocurrency exchanges and start-ups could benefit from the European Union’s Markets in Crypto-assets (MiCA) regulation, according to Martin Bruncko, Binance’s executive vice president of Europe. Cointelegraph had a one-on-one interview with Martin Bruncko during the Web Summit conference in Lisbon early in November 2022. Heading up Binance’s operations across Europe, Bruncko offered unique insights into the exchange’s growth across the continent and its perspective on the regulatory environment. The European Parliament Committee passed the MiCA crypto policy on Oct. 10, which aims to create a one-size-fits-all regulatory framework for the industry across the 27 countries that make up the …

Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance appears disinterested in Alameda Research’s offer to buy out the crypto exchange's FTX Token (FTT) holdings. Zhao responded to a question on Nov. 7 on Twitter asking if he would take up the offer by Alameda Research CEO Caroline Ellison to buy Binance’s FTT holdings for $22 per token. Zhao said: “I think we will stay in the free market.” The offer from Ellison came after Zhao said Binance would be liquidating its FTT position due to “post-exit risk management” as part of “learning from LUNA," on Nov. 6. At the time, …

FTX founder and CEO Sam Bankman-Fried took to Twitter again on Nov. 7 to claim that "a competitor is trying to go after the cryptocurrency exchange with false rumors", while also calling for collaboration with the rival exchange Binance. The comments follow a statement from Binance CEO Changpeng “CZ” Zhao concerning the liquidation of the exchange's position in FTX token (FTT) as “post-exit risk management” over the weekend. 1) A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine. Details: — SBF (@SBF_FTX) November 7, 2022 FTX "assets are fine", according to SBF, …

Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin (BTC) withdrawals. In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear. Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism: Telling everyone how fine you are is the first red flag you are not — …

An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators. FTT could plunge 30% From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement. On Nov. 6, FTT broke below the pattern's support line near $22.50, accompanied by a volume spike. The FTX exchange token's selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months. As a rule …

The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, said his company will liquidate the entirety of its position in FTX Token (FTT), the native token of competing exchange FTX. In a Nov. 6 tweet, Zhao said the decision was made after “recent revelations that have came to light.” In a later tweet, CZ explained the FTT liquidation was “just post-exit risk management” referring to lessons learned from the fall of Terra Luna Classic (LUNC) and how it impacted market players. He also added “we won't support people who lobby against other industry players behind their backs.” Liquidating our FTT …

Crypto lender Celsius was one of the biggest casualties of the bear market. After halting withdrawals for months due to “extreme market conditions,” the distressed lender officially filed for Chapter 11 bankruptcy on July 13. Now, the federal judge overseeing the bankruptcy proceedings has ordered the case examiner to determine whether the company was operating like a Ponzi scheme. Disgruntled Celsius customers have made a strong case that the company’s business operations met the legal definition of a Ponzi. After all, it didn’t take long for Celsius’ business model to crumble under volatility. This is one case we should all …