Equities are down slightly this morning, while crypto is down substantially behind the market-roiling failure of @FTX_Official & Alameda. Just after 11am EST yesterday, @SBF_FTX broke his silence by announcing @binance's strategic investment in FTX
.@cz_binance clarified minutes later that “FTX asked for our help” & that “we signed a non-binding LOI to fully acquire FTX and help cover the liquidity crunch” to protect users. The deal’s scope does not include FTX US & completion of the deal is pending Binance’s due diligence
Crypto markets rallied sharply on the initial announcement, but as rumors swirled around the magnitude of @FTX_Official's loss, markets reversed sharply lower as investor’s feared @binance may back out of the deal given the non-binding term
On the political front, the strong red wave most predicted for midterms did not materialize & Democratic candidates have outperformed expectations so far. Control of the House & Senate is still being determined. Elsewhere, US CPI will come tomorrow a.m.
.@binance topped up its insurance fund with an extra 1b of BTC and BNB; Russia’s central bank reportedly looks to integrate digitalassets into its financial system; @CFTC imposed new sanctions on @TornadoCash @GordonGoner proposed a new model for NFT creator royalties
For other notable news of the day, check out the full crypto market commentary here:
this twitter thread.