Cryptocurrencies falling: Bitcoin -11%, Ethereum -16%

Bitcoin’s sharp decline continues, dropping to around $18,000. The queen of cryptocurrencies is at $18,382, down 11.45% in the last 24 hours. Strongly negative performance also for Ethereum which lost 16.59% to $1,329.

The collapse of cryptocurrencies continues on the day that the Binance platform made it known that it intends to buy rival Ftx Trading, in what appears to be a rescue operation for the latter, in a liquidity crisis. The deal was announced by the respective platform owners, Changpeng Zhao of Binance and Samuel Bankman-Fried of Ftx, on Twitter, but without revealing details.

“This afternoon, FTX asked for our help. There is a significant liquidity crisis – said Zhao on Twitter -. To protect users, we have signed a non-binding letter of intent (letter of intent) with the intention of fully acquiring Ftx and helping to cover the liquidity crisis ». The deal would make Binance, which is already the platform on which the largest cryptocurrency exchange takes place by daily volume, an even more dominant player in the cryptocurrency industry. Ftx is the latest cryptocurrency company this year to come under financial pressure due to the collapse in the value of crypto assets like Bitcoin and Ethereum.

Source: IL Tempo