Bitcoin price hovers over $20,000 as Binance helps FTX 'reduce liquidity'
Binance may even end up buying FTX directly as withdrawals resume on promises from the world's largest crypto exchange.
Market Update
Bitcoin (BTC) has seen high volatility after Wall Street opened on November 8, with turmoil from crypto exchange FTX further punishing markets.
BTC/USD 1 hour candle chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hit $19,244 on Bitstamp, marking the pair's two-week lows and 24-hour losses of almost 7%.< /p>
FTX remained the industry's top topic, despite the start of the US midterm elections and November 10, which was expected to provide new inflation data.
"The event of the week was supposed to be the US CPI on Thursday, not two billionaires with acronyms for market-damaging names," summed up popular commentator Tedtalksmacro.
Concerns over FTX's solvency were not alleviated by a long silence from exchange executives as withdrawals ceased that day.
Data from on-chain analytics platform CryptoQuant therefore showed only a fraction of the nearly 20,000 BTC balance reduction from the previous day on FTX for November 8.
Netflow BTC (FTX) 1-da. ..
Binance may even end up buying FTX directly as withdrawals resume on promises from the world's largest crypto exchange.
Market Update
Bitcoin (BTC) has seen high volatility after Wall Street opened on November 8, with turmoil from crypto exchange FTX further punishing markets.
BTC/USD 1 hour candle chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hit $19,244 on Bitstamp, marking the pair's two-week lows and 24-hour losses of almost 7%.< /p>
FTX remained the industry's top topic, despite the start of the US midterm elections and November 10, which was expected to provide new inflation data.
"The event of the week was supposed to be the US CPI on Thursday, not two billionaires with acronyms for market-damaging names," summed up popular commentator Tedtalksmacro.
Concerns over FTX's solvency were not alleviated by a long silence from exchange executives as withdrawals ceased that day.
Data from on-chain analytics platform CryptoQuant therefore showed only a fraction of the nearly 20,000 BTC balance reduction from the previous day on FTX for November 8.
Netflow BTC (FTX) 1-da. ..
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