Alameda Research and FTX exchange owner, Sam Bankman-Fried reported on Twitter that the FTX has finally come to an agreement with Binance regarding a strategic transaction:
- Sam Bankman-Fried newest statement indicate that the FTX exchange will be sold to the Binance exchange
- Bitcoin returns above $20,000
The FTX team is working on processing outstanding user withdrawals. Client assets are expected to be covered 1:1. The FTX exchange was expected to ask Binance to intervene and help in the face of a wave of withdrawals, which were eventually suspended by the exchange.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appAccording to Sam Bankman-Fried, Binance's acquisition of the exchange will benefit the industry and customers, and Chanpeng Zhao CEO of Binance will continue to work on building a global cryptocurrency ecosystem. SBF also stressed that FTX's previous security system was indeed not perfect. 
Bitcoin chart, H1 interval. The major cryptocurrency reacted euphorically to Sam Bankman-Fried's reported acquisition of FTX by the Binance exchange and is back above the key psychological resistance line at $20,000. Source: xStation5
Bitcoin price pulled back sharply this week, however sellers failed to break above major support at $19500 and fresh upbeat news sparked a rebound. The most popular cryptocurrency managed to erase most of today's losses, nevertheless as long as price sits below the long-term downward trendline the main sentiment remains bearish and another downward impulse towards support at $17,700 may be launched. On the other hand, if buyers manage to break above the aforementioned trendline, the upward move may accelerate towards resistance at $22,700 where highs from September 2022 are located. Source: xStation5
FTX managed to halt declines around 13.82 level and is currently testing an earlier broken lower limit of the descending channel. Nevertheless only a decisive break above resistance at $20.65 would point to a shift in sentiment. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
