FTX Token, BNB and Solana Soar After Binance CEO Signs Potential Deal to Acquire FTX

SOL and FTX Token rebounded sharply after headlines that Binance was to acquire FTX due to liquidity issues, but the rise will it last?

FTX Token (FTT) and Solana's SOL (SOL) endured a tough trading weekend that saw altcoins suffer double-digit losses in the 15%-30% range, but the tide turned when news broke that Binance may be in the process of acquiring FTX.

On November 8, FTX CEO Sam Bankman-Fried first took to Twitter to announce a liquidity sharing partnership with Binance. Changpeng "CZ" Zhao, CEO of Binance, agreed to step in and provide liquidity to what was beginning to look like a bank run. According to Bankman-Fried, the development is user-driven and benefits the entire industry.

1) Hi everyone: I have some announcements to make.

The circle is complete, and the first and last investors of https://t.co/DWPOotRHcX are the same: we have reached an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (waiting for DD etc.).

CZ also confirmed that Binance would step in to help FTX deal with its liquidity crisis, with the CEO tweeting a letter of intent to buy FTX.

This afternoon, FTX asked for our help. There is a major liquidity crisis. To protect users, we have signed a non-binding letter of intent, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crisis. We're going...