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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