Bitcoin hits a new cycle low of $17,100 as rumors about the possible liquidity crisis for the world’s third-largest crypto exchange FTX turned out to be true. Just a day after assuring funds are fine, and they have the assets to back customer’s funds, FTX CEO Sam Bankman-Fried (SBF) announced on Tuesday that Binance has shown intent to acquire the global crypto platform to help with the liquidity crisis.

Binance CEO CZ took to Twitter to assure users that the crypto exchange's insurance funds have been topped off at $1 billion as the debacle with FTX rages on.

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