Crypto prices popped following the announcement of Binance's deal to acquire FTX.com.
Bitcoin rose back above $20,000 shortly after.
Crypto prices popped following the announcement of Binance's blockbuster deal to acquire rival FTX.com. FTX's FTT token jumped 38% to almost $20 at 11:12 a.m. The price of the native exchange token had dropped more than 40% since Saturday when Binance CEO Changpeng Zhao said that his exchange would sell its FTT tokens.
The token surrendered some of the deal-related gains, trading at $16.39 at 12:30 p.m., according to data via TradingView.The news also lifted bitcoin, ether, and other cryptocurrencies. Bitcoin was trading at $19,811, up from around $19,500 shortly before the announcement. The leading cryptocurrency by market cap had rise as much as 5% to $20,600 but had surrendered much of these gains by mid-day trading.Meanwhile, ether traded above $1,500, up about 3% short following the news.
Binance agreed to acquire FTX.com following the collapse of the exchange's token FTT. FTX CEO Sam Bankman-Fried announced the deal in a Twitter
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