Bitcoin (BTC) saw major volatility after the Nov. 8 Wall Street open as turmoil over crypto exchange FTX punished markets further.
Binance hints at plan to buy FTX
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,244 on Bitstamp, marking the pair’s lowest levels in two weeks and 24-hour losses of nearly 7%.
FTX remained the main topic in the industry, despite the United States midterm elections getting underway and Nov. 10 due to deliver fresh inflation data.
“Event of the week was supposed to be US CPI on Thursday, not two billionaires with acronyms for names nuking the market,” popular commentator Tedtalksmacro summarized.
Worries over solvency at FTX were not helped by a lengthy silence from the exchange’s executives as withdrawals stopped on the day.
Data from on-chain analytics platform CryptoQuant thus showed only a fraction of the previous day’s near-20,000 BTC balance reduction on FTX for Nov. 8.
Further numbers revealed that exchange users were voting with their wallets elsewhere — removing funds from U.S. platforms such as Coinbase and depositing them to foreign-registered competitors such as Binance.
Binance was up a net 4,840 BTC for Nov. 8 at the time of writing, while Coinbase was…
