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Binance announces FTX acquisition

Binance to acquire FTX

Changpeng Zhao (CZ) announces that Binance intends to buy FTX, Sam Bankman-Fried confirms; plus weekly TA

Updated: November 8th, 2022

Binance announced that it intends to fully acquire FTX to protect its users from a liquidity crunch.  Changpeng Zhao, the CEO of Binance, said on Twitter that FTX approached the exchange looking for help as it was struggling with liquidity on its platform.

A full due diligence process is expected to be completed in the coming days. Sam Bankman-Fried, the founder and CEO of FTX and Alameda Research, confirmed the acquisition, saying that Binance has become the first and last investor in FTX. 

Bitcoin $BTC

Another week in the books for BTC. While last week was definitely an attempt to move up, we haven’t seen any follow-through so far. Most likely, we’re still range bound for some time, traders should be cautious and only be looking at resistances and supports to get involved. Until things change. This range could take weeks to resolve in either direction. FOMC last week signaled more rate hikes are coming and Bitcoin unlikely to see significant bid as long as this is the economic reality. Bias is fairly neutral unless we visit one of the extremes.

FTX Exchange Token $FTT

FTT needs to desperately hold onto the 2021 range lows. Binance has announced they will be selling their large position of FTT over the coming months. Which means there’s a consistent seller at any price. If we lose $20-$22 region, this is going to mark down further. Unfortunately, this is going to be a news based movement and the chart will only offer a potential trigger if you’re paying attention.

Solana $SOL

SOL’s fate is likely tied to the FTT news saga at this point. We sill have not tested the 2021 lows. Rumors are swirling about FTX’s solvency (unverified). If FTX has issues, all of the “Sam Coins” will fall. When markets present nice equal lows to hunt stops and provide obvious entries we can see a deviation below that level to fill orders, followed by reversal. Failure to reclaim would be disaster for Solana and we may see further bloodshed.

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