World Largest Exchange Binance Will Not Buy Ftx In A Megadeal

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World Largest Exchange Binance Will Not Buy Ftx In A Megadeal

World Largest Exchange Binance Will Not Buy FTX In A Megadeal

The entire crypto world was shocked when Binance bailed out the FTX crypto exchange. Considering how the FTX is a rival exchange, the recent development has shocked many. But for the users of FTX, this could be good news since FTX was so close to collapsing that it was only a matter of weeks or months at least.

Binance, a crypto exchange, made an agreement to buy the FTX exchange - The latter is struggling to even complete the withdrawals initiated by users and is facing depletion of the crypto reserves. However, the FTX exchange was not always so bad, considering it had a $32 valuation in the past.

However, this deal between two exchanges has also highlighted how unstable the crypto industry... And since the start of this year, cryptocurrency markets are experiencing a bearish cycle that has already drained the investment of investors.

The start of the bearish crypto cycle ended up destabilizing the crypto firms as well, and the largest causality was FTX. Before the start of this bearish cycle, FTX was regarded as one of the best crypto exchanges, but all of that changed quickly.

Binance And FTX Could Unite

If this deal between Binance and FTX goes through, it will end up uniting the two crypto exchanges: FTX and Binance. Furthermore, this deal will further strengthen the position of Changpeng Zhao (founder of Binance), who already owns the largest exchange of cryptocurrencies.

But will the announcement of this deal calm the users of FTX? There are reports that users are trying to leave the sinking ship of FTX by making withdrawals. Just a few days ago, the company faced rapid depletion of its ETH assets and had to work towards rectifying the issue a little bit.

Furthermore, we still don't know whether Binance will buy the entire FTX or a portion of it... However, regardless of this fact, this deal will most definitely help FTX sort out its financial mess.

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