Uncertainty Looms Amid Binance's Failed Acquisition Of The FTX Crypto Exchange.
13 Nov 2022, 08:01
Uncertainty Looms Amid Binance’s Failed Acquisition Of The FTX Crypto Exchange
On November 2, 2022, the Fed raised its key interest rates by 75 basis points for the fourth time this year, bringing the target range for the federal funds rate to 3.75 to 4 percent. Immediately following the Fed rate announcement, the price of Bitcoin remained above US$20,000, as the markets had anticipated an interest rate hike of this magnitude.
A few days following the latest Fed interest rate hike, the price of Bitcoin even rose to over US$ 21,000. However, the Bitcoin price rally was short-lived following insolvency rumours at the FTX crypto exchange. CoinDesk had reported that Alameda Research, a trading firm founded by Sam Bankman-Fried (SBF), founder and CEO of FTX, held a significant amount of FTT tokens on its balance sheet.