Binance said yesterday that it has decided to acquire FTX in order to spare its users from the liquidity problem. However, guess what? According to current speculations, Binance may abandon the transaction after evaluating the FTX's order book and other financial data. According to a survey on CoinDesk's Twitter account, 42.5% of users believe CEO CZ would most likely decline the deal. Binance will acquire FTX and save its users, according to 33.9% of votes. What are your thoughts? What effect does this have on the price of SOL? Let me now address your most pressing concern: the cost of FTT.
At the time of writing, the price of FTT is $2.986, over 46% lower than it was 24 hours ago. Yesterday, the price of FTT fell by 75.14%. FTT value has dropped by 88.86% in the last month. This has had a negative impact not only on regular investors, but also on some institutions.
According to a CoinDesk study, there is a list of organizations who are vulnerable to the hazards of this struggle between the two largest cryptocurrency exchanges. Gemini, Wintermute, Multicoin, and more coins are on the list. Gemini, a cryptocurrency exchange, announced yesterday that they "hedged and sold collateral leading in a total loss of $7M across all counterparties, including Alameda." Gemini further stated that they had a trading connection with FTX but not a financing arrangement. They appear to be attempting to draw a line with FTX in order to maintain their consumers' trust in this volatile market.
Further updates today stated that Binance will NOT be acquiring FTX, which means that their safe passage is cut off. What will happen to FTX now?
