Bitcoin Cash (CRYPTO: BCH), Ethereum Classic (CRYPTO: ETC), Litecoin (CRYPTO: LTC) and Solana (CRYPTO: SOL) are all falling sharply Wednesday afternoon. Shares of several altcoins are trading lower during Wednesday's session following a CoinDesk report suggesting Binance is leaning toward scrapping the FTX acquisition.
What Happened?
Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX.
Due diligence was a condition of Binance's non-binding letter of intent for the acquisition, which was made public on Tuesday as FTX's financial situation appeared to be spiraling out of hand.
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After evaluating FTX's internal data and loan agreements for around half a day, Binance has decided strongly not to complete the deal, Coindesk reported Wednesday, citing an anonymous source.
According to data from Benzinga Pro:
BCH is lower by 7.56% to $95.35
ETC is lower by 6.20% to $20.39
LTC is lower by 6.58% to $53.98
SOL is lower by 24.14% to $16.01
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