FTX Token, BNB and Solana had a surge in price following Binance CEO's potential deal to acquire FTX in the past 24 hours. However, unlike the other two, SOL, the native token of the Solana network, experienced a major price decrease and poor price action over the previous 48 hours.
Sam Bankman-Fried first announced a liquidity-sharing partnership with Binance On Nov 8th. CEO of Binance, Changpeng Zhao, accepted the deal and agreed to provide liquidity.
In this case he said:
Hey all: I have a few announcements to make.
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
— SBF (@SBF_FTX) November 8, 2022
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He also added that Binance would help FTX by purchasing FTX. The letter reads:
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ Binance (@cz_binance) November 8, 2022
Ever since the news, FTX was dealing with liquidity issues until Binance announced that it would sell the entire FTT allocation it possessed which caused FTT price to drop 38.7% from $25.71 to $15.76, and SOL price from 31.23% to a five-month low at $25 in a single day.
Nonetheless, after an agreement between FTX and Binance, FTT price managed to rebound by more than 20%.
These has also affected the price of BNB to drop by 14%, but the news of the agreement between the two helped the token to gain 25% within an hour.