Bitcoin (BTC<\/a>)\u00a0fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $16,936 on Bitstamp before rebounding.<\/p>\n The latest dive hit an already shaky market<\/a>, which had reacted badly to news that FTX asked Binance for financial assistance.<\/p>\n In a note to staff shared on Twitter<\/a>, Binance CEO Changpeng \u201cCZ\u201d Zhao told them to refrain from trading FTX\u2019s in-house FTX Token (FTT<\/a>).<\/p>\n \u201cI want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag,\u201d it read.<\/p>\n While he said that he \u201cwould not comment\u201d on the FTX takeover deal, an unnamed source subsequently told<\/a> reporters that Binance had doubts about going through with it.<\/p>\n This, in turn, pressured crypto market sentiment, leading to a drop that saw large-scale losses across Bitcoin and altcoins.<\/p>\n Liquidations told the story, with a total of $860 million worth of long and short positions wiped out<\/a> in the past 24 hours at the time of writing, according to monitoring resource Coinglass.<\/p>\n FTT\/USD traded at just $3.60 on the day, down from $22 just two days previously, leading to comparisons with the Terra\/LUNA debacle.<\/p>\n \u201cHonestly, it feels weird, but things will be better from here on,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading platform Eight, predicted<\/a>. <\/p>\n \u201cErrors need to be made to improve a system and that\u2019s what happened with Mt. Gox, $LUNA, and now FTX. It might feel like we\u2019re on the edge of collapsing crypto entirely, but Bitcoin and crypto are here to stay.\u201d<\/p><\/blockquote>\n With the crypto community distracted with internal problems, few paid attention to the Nov. 10 United States Consumer Price Index (CPI) print.<\/p>\n Related:\u00a0Funding rates hit 6-month high before CPI \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n A source of volatility in itself, the event is normally given full attention, but even the U.S. midterm elections took a backseat this week.<\/p>\n \u201cI\u2019m just waiting to see how CPI & how the market reacts Thursday,\u201d trader Josh Rager summarized<\/a> in part of a tweet on Nov. 8. <\/p>\n The U.S. dollar index abandoned modest gains on the day, heading below 110, while both the S&P 500 and Nasdaq Composite Index tread water.<\/p>\n \u201cIt\u2019s clear that Bitcoin is yet again priced to buy for long-term spot but I\u2019m happy to wait to see how the market reacts with how the FED handles things.\u201d<\/p><\/blockquote>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n <\/p>\n<\/div>\nBinance CEO: \u201cDo not trade FTT\u201d<\/h2>\n
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CPI day creeps up on crypto<\/h2>\n
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