Last Minute Statement from Binance: BTC Broke 16 Thousand Dollars!

The cryptocurrency market is losing more than $130 billion in one day. “What’s next?” Then, Binance announced that it was withdrawing from the FTX agreement. After that, the losses in the market became heavy. Leading crypto Bitcoin (BTC) fell below $ 16 thousand.

Binance has stopped buying FTX: It’s beyond our power!

In the wake of the bloodbath caused by the FTX meltdown, the cryptocurrency market is in a state of heavy losses. On top of that, Binance’s purchase of FTX, which was expected to have some hope, also fell through. Binance officials stated that the current situation is out of control and announced that they withdrew from the agreement made in principle. In this context, the authorities made the following statement:

…We abandoned the acquisition due to the latest news about mismanaged client funds and alleged investigations, as well as corporate due diligence. Our hope was to be the pillar to provide liquidity to FTX clients. But the troubles are beyond our control or our ability to help.

Big crash in the cryptocurrency market!

In this midst, in a recent development, Sam Bankman-Fried’s Alameda Research website went black. In this context, the market faces a strong period of potentially increasing legal challenges and regulatory scrutiny in jurisdictions. Furthermore, if the FTX obscurity continues, the crypto market could face a deeper crypto crash.

Binance’s potential FTX acquisition announcement came as a huge downside for the crypto market. Shortly after the announcement, crypto prices started to drop drastically. Overall, the market has seen massive crypto losses in the last 24 hours. According to CoinMarketCap statistics, more than $130 billion was wiped from crypto assets due to the price drop. Compared to the total crypto market capitalization of $935 billion 24 hours ago, its market cap is currently at $803 billion. Thus, the market is actively wiping out $132 billion in one day. As we reported, the news came that Binance had withdrawn from the FTX contract. The withdrawal is due to the lousy results in Binance’s internal assessment of FTX financials. The report revealed that Binance is evaluating FTX’s internal information and loan agreements. After this news, it is highly possible that Sam Bankman-Fried’s stock market will go bankrupt. This will likely make the faceless environment worse. So, it will be even more downside for the crypto ecosystem.

Solana (SOL) stands as one of the cryptocurrencies that fell the most after the FTX crash. SOL price dropped 46.90% in the last 24 hours to $12.69. In the middle, the price of the FTX token (FTT) has dropped by an astonishing 90% over the past few days. At press time, FTT price was down 61.24% in the last 24 hours to $2.42. In addition, after Binance’s last statement, Bitcoin made a deep dive below $ 16 thousand.

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