FTX abandons Celsius acquisition

Cryptocurrency exchange operator FTX was exploring the possibility of acquiring Celsius, but ultimately abandoned the deal after discovering a huge financial hole in the struggling cryptocurrency lending company’s balance sheet, according to multiple people familiar with the matter. acquisition transaction. A $2 billion financial hole in Celsius’ balance sheet, and FTX has stopped all discussions of financial support, one of the people said. Meanwhile, acquisition talks between BlockFi and FTX may be drawing to a close. As rumors spread, BlockFi CEO Zac Prince took to Twitter to deny FTX’s $25 million acquisition of the company, which was valued at $3 billion in a funding round last March.

Volatility surge pushes BTC below $20,000

Volatility in the main cryptocurrency market has increased again as the liquidity crisis continues to spread, coupled with a setback in market sentiment. BTC retreated to $18,600 late Thursday, before a strong rally in early Asian trading Friday. At the time of writing, the largest cryptocurrency by market cap is consolidating above support at $19,000 after edging higher over the past 24 hours. Although BTC has shown strong resilience in its recent plunge, it is currently tug-of-war with highly active bears at major resistance levels around the $2-20,500 range.

Due to the surge in market volatility, BTC is likely to pull back below $19,000 and retest support in the $18-18,500 range. Meanwhile, the net unrealized profit and loss (NUPL) after BTC institutional participation in the market has fallen to levels seen during the March 2020 liquidity crunch, suggesting that the possibility of a massive collapse in the short term cannot be ignored. As always, ETH is still in step with BTC. The second-largest cryptocurrency by market cap dipped below the $1,000 mark before reclaiming this key psychological support level within hours. The performance of most major non-mainstream coins was mixed, with ALGO leading non-mainstream coins with a 4% increase in the same period.

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