Crypto giant Binance signed a nonbinding agreement on Tuesday to buy FTX’s non-U.S. unit to help cover a “liquidity crunch” at the rival exchange.The proposed deal between high-profile rivals followed week-long speculation about FTX’s financial health that snowballed into US$6-billion of withdrawals in the 72 hours before Tuesday’s deal, raising questions about the solvency of one of the world’s largest crypto exchanges.
Bitcoin, the biggest cryptocurrency by market value, was down 5.3 per cent on the day at $17,559, after a 10-per-cent plunge on Tuesday that marked its worst day since mid-August. Ether, the next largest, extended losses on Wednesday to hit its lowest since July.) was lower with it continuing to cash in on its COVID-19 antibodies, as the Vancouver biotechnology company reported its third $100-million-plus revenue and highly profitable quarter out of the past four Tuesday.
Bloom Burton analyst Antonia Borovina cautioned in an email it could take eight to nine months for a follow-up drug to get approval from the U.S. Food and Drug Administration and that it may require more data than early in the pandemic, when the duo’s first COVID-19 antibody, called bamlanivimab – received rapid emergency authorization and was on the market by the end of 2020.
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