Bitcoin Craters 15% After Binance Bails on FTX -- Is the Market Overreacting?
In a rapidly evolving situation that seems to change by the hour, the large crypto exchange Binance said it would no longer pursue an acquisition of FTX, the world's fifth-largest crypto exchange by year-to-date volumes.
The price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), surged yesterday on the news that Binance planned to bail FTX out. But the news that Binance is bailing on the deal sent Bitcoin cratering, with its price falling more than 15% at one point, though it has recovered about 10% since last evening.
The FTX meltdown has undoubtedly rocked the entire crypto industry and shaken investor confidence, but is the market overreacting? Should investors consider buying the dip on Bitcoin? Let's take a look.
Source Fool.com
