BNB puts an all -time high towards Bitcoin, because Binance ftx buys

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Binance (BNB) set up a new all-time high over Bitcoin when the FTX Buyout was announced.

The native token of the KryptoBörse Binance-Binance Coin (BNB)-has reached a new all-time high over Bitcoin since the news of Binances unexpected FTX purchase became known on Tuesday.

BNB reached 0.0197 BTC ($ 390.75) per token this afternoon and thus broke its previous price record for Bitcoin (BTC), which was set up less than a week ago on November 4, by more than 14 %.

The token serves as a native asset for Binance and grants the owners discounts on trade fees and the risk of regular token burns that reduce the entire offer. FTX, like other prominent exchanges, has its own digital asset, FTT, who dropped 60 % compared to the dollar last day.

BNB is still 45 % below its maximum, measured in US dollars. According to Coingecko, the token was traded up to $ 686.31 last May, which means that it would have to increase by more than 86 % from here.

Nevertheless, the increasing price reflects that the BNB markets consider Binance to see the general health of Binance. Compared to the dollar, BNB rose by about 10 % last day at 12:30 p.m. ET - the FTT from FTX fell by more than 27 % in the same period.

BNB has withdrawn since then, but this diagram shows its new price record

This morning the CEO of Binance, Changpeng "CZ" Zhao, tweeted details about a deal that would lead to his crypto exchange fully acquired one of its main competitors in FTX. There is still the Due Diligence and the agreement of the conditions, and it is unclear whether regulatory hurdles could come into play-especially in anticipation of the result of the US interim elections.

The platform had been followed by insolvency rumors since the balance of its sister organization Alameda Research-a self-retail and risk capital company that was also owned by the FTX CEO Sam Bankman-Fried reports Coindesk last week.

The sheet showed an oversized commitment to FTT and other tokens near the FTX founder Sam Bankman-Fried, which culminated that Zhao promised to put the token worth hundreds of millions of dollars in order to reduce his market risk. Caroline Ellison, CEO of Alameda, pushed back aspects of reporting and said that the bookkeeping does not reflect any compensating locks that the company had set up.

of the top 10 cryptocurrencies according to market capitalization, excluding stable coins, BNB is now the asset with the best performance compared to Bitcoin in the previous course-by far. It rose by 69 % compared to BTC, while the second best XRP has only increased by 23 %.

Ether, on the other hand, has lost 4 % of its value to Bitcoin in 2022 and Cardano has lost 29 %. Solana, which is no longer one of the top 10 of the digital assets, has broken up by a whopping 62 % in the same period.

BNB has still fallen by 35 % this year compared to the dollar, which reflects the performance in the entire market for digital assets. Bitcoin has lost more than half of its value in the same period.

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The contribution BNB sets all -time high against Bitcoin, since Binance FTX buys, is not a financial advice.