Nexo Made a $850 million Takeover Offer to BlockFi

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Today’s Cryptocurrency Headline

Crypto lending firm Nexo made an unsuccessful bid to acquire struggling rival BlockFi for $850 million in July. The deal includes the acquisition of a 51% stake in BlockFi for $30 million and a $500 million line of credit. The offer was made in July when BlockFi was in financial trouble after losing $80 million on its exposure to Three Arrows Capital. BlockFi rejected Nexo’s offer and chose to stick with a non-final deal with FTX.US.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is up 1.04% over the last 24 hours and rose to an intraday high of $16,987.00. The largest cryptocurrency has been trading sideways between $16,000 to $17,000 since 12th November, and the volume has decreased significantly, suggesting that investors continue to maintain a risk-off stance. If the price sustains below $17,000, it will increase the prospect of a break below $15,588. If that happens, the BTC/USDT pair could extend its decline to $12,200.

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