The cancellation of the Binance-FTX deal sent the Bitcoin and crypto markets tumbling lower yesterday. When the statement was released late Wednesday afternoon that Binance was pulling out of the tentative deal, crypto markets crashed.
The Bitcoin (BTC) price fell below $16,000 for the first time since November 2020, with BTC hitting a low of $15,690 on Binance.
While many analysts warn that an bankruptcy could set the crypto industry back years, Bloomberg reported that FTX is in need of an $8 billion capital infusion for its rescue.
The crypto industry’s supposed “white knight” and CEO of FTX, Sam Bankman-Fried, confirmed this amount, which has been rumored for quite some time, according to a person with direct knowledge of the matter.
As Bloomberg reports, Bankman-Fried informed investors about this matter in a…
