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Crypto Markets Fall Further: BTC, ETH, CME Post Non-Binding

Daily Market Update 11/9: BTC is currently trading around 17k and ETH around 1.2k. There are no notable gainers in the last 24 hours

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:

Daily Market Update: Nov 9, 2022 - GSR Markets
This post is based on this twitter thread.


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