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FTX Token, BNB and Solana soar after Binance CEO inks potential deal to acquire FTX

Published 11/08/2022, 12:34 PM
Updated 11/08/2022, 02:20 PM
FTX Token, BNB and Solana soar after Binance CEO inks potential deal to acquire FTX
FTT/USD
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FTX Token (FTT) and Solana’s SOL (SOL) endured a tough weekend of trading that saw altcoins take double-digit losses in the 15%–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. Changpeng “CZ” Zhao, 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 and benefiting the entire industry.

FTT 4-hour chart. Source: TradingView
SOL 4-hour chart. Source: TradingView
BNB price index. Source: Cointelegraph

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