Crypto Stocks Continue Drop as Binance Walks Away from FTX Deal

afternoon that the exchange scrapped its letter of intent to buy rival exchange FTX.

Shares of tech firm MicroStrategy dropped 9.5%. Crypto-focused bank Silvergate declined 12%, while financial services firm Galaxy Digital fell 16% in Toronto stock exchange. The stocks of bitcoin miners such as Riot Blockchain and Marathon Digital also took a hit.Bitcoin fell about 15% to below $16,000, while Ether dropped 15%, trading near $1,100.

Aside from Binance-FTX failed deal, the U.S midterm election has been a key focus today, though crypto has spilled over into the broader market Wednesday. The tech-focused Nasdaq Composite Index fell about 2.5%. “What is complicating today’s mood on Wall Street is that the liquidity crisis for FTX is spilling over into other cryptos,” Edward Moya, Oanda’s senior markets analyst said in a note Wednesday afternoon. “FTX was viewed as one of the so-called safe crypto players and their demise is raising concerns that other key crypto companies could be vulnerable here.”

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Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance will reportedly back out of its agreement to buy rival cryptocurrency exchange FTX, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion, taking down the value of digital assets with it. cz_binance, you cunt! I want to learning cryptocurrency. Could you please send me the cryptocurrency learn package details at your earliest. Thanks and regards. Gamage
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