BINANCE ABANDONS ITS DEAL TO ACQUIRE FTX DOT COM! 😳👀😩

If you haven’t heard about Binance’s acquisition of crypto company FTX dot com, I’ll fill you in: The plan was abandoned partly because of negative news concerning FTX mishandling their customer funds. Binance tweeted this today:

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX dot com.” 😩

FTX is a company that was incorporated in Antigua and Barbuda but headquartered in the Bahamas. They were founded in 2019 and have over one million users. Now that Binance has pulled out of the acquisition deal, we saw crypto coins on a wild slide as the cryptocurrency market began to absorb what they viewed as the collapse (or potential collapse) of the FTX crypto exchange.

CNBC reported that BTC fell by 12% to just under $16,000. (That’s a low we haven’t seen since November 2020, according to Coin Metrics). It’s interesting because I remember that last November we saw Bitcoin reach its all-time high of $68,982.20 one year ago Thursday. 😳👀

Other crypto tumbled as well with the news, and as at the time of this writing BTC comes in at $16,112., ETH at $1136., and XRP at $0.34. Right now BTC is only a good investment if you have a high-risk tolerance, if you’d like to increase your portfolio in the area of digital assets, and if you have a lot of money that you could use/afford to lose if the deal continues to go south. Other than that, just chill and wait.

You already know our default position is leaning and continuing to lean on the Holy Spirit. He has promised to teach, lead, guide, and direct us so we place our trust in Him and Him alone. He knows what BTC will or won’t do!

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.