The last weekend turned out to be very cruel to the investors of the FTX Token (FTT) and Solana (SOL). As a result, the trading prices of both digital assets took major falls.
FTT and SOL Faced Double-Digit Losses
Towards the end of the last weekend, the trading prices of both FTT and SOL experienced major declines. The trading prices of both the assets ended up facing double-digit losses.
According to the price charts, the declines both the altcoins alongside the rest of the cryptocurrencies experienced were between the ranges of 15% to 30%.
Both Altcoins Finally Recovered
However, just as the prices of the altcoins plunged tremendously, news started trending all over the crypto-verse that injected a huge rebound.
The news revealed that Binance is going to acquire FTX exchange, which is facing a major financial crisis following the leaked balance sheet.
This helped bring back the confidence that the investors had lost in the cryptocurrencies due to the FTX exchange liquidity problem.
Sam Bankman-Fried Announced the Partnership
Sam Bankman-Fried reportedly announced on November 8 that they had formed a strategic partnership withBinance that would help FTX with liquidity. However, in the process, FTX would be acquired by Binance.
The move from Binance is strategic but it has helped the entire crypto industry from crashing entirely. The exchange has carried the damage and has helped the industry regain some of its lost strength.
The partnership is eventually going to be user-focused and the entire cryptocurrency industry has already started to benefit from that.
Price Actions of FTT and SOL
Prior to Binance’s intervention, the trading prices of FTT and SOL had experienced huge plunges.
According to the statistics, the trading price of FTT plunged by 38.7%. Its trading was at a high of $25.71 but it ended up plunging to $15.76. As for SOL, its value experienced a 31.23% plunge that pulled its price to a low of $25.
However, as the reports came in surrounding the agreement between the FTX and Binance exchanges, things reportedly rebounded.
The trading price of FTT reportedly rebounded over 20% but it is still trading below $22, which is long-time support for the digital asset.
Just like FTT and SOL, Binance Coin (BNB) also suffered a plunge but it only dipped by 14%. As the news came in involving Binance, BNB’s price surged significantly, and its price grew by 25%.
Other major cryptocurrencies such as Bitcoin and Ether have also experienced great price dips. The trading price of BTC is currently trading around $17,200 while ETH’s price is around $1,150.