futurewithcrypto.com
cryptocurrencies had a second day of steep falls on Wednesday as investors remained concerned about the stability of the industry and the financial situation of major exchange FTX.
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Crypto giant Binance announced the non-U.S. trading of FTX to help cover a "liquidity shortfall" at the rival exchange. signed a non-binding agreement on Tuesday to buy the unit.
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The proposed deal between high-profile rivals followed week-long speculation about FTX's financial health
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that snowballed into $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.
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FTX and Binance did not disclose the terms of their agreement, and the market faces fresh uncertainty over whether it will go ahead.
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Bitcoin, the largest cryptocurrency by market cap, was down 5.5% at $17,656 after a 10% drop on Tuesday, marking its worst day since mid-August.
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Ether, the next largest, widened losses on Wednesday to its lowest since July
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FTT, the smaller token pegged to FTX, was down a further 16% after plunging 72% on Tuesday.
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Its market cap fell below $600 million from nearly $3 billion at the beginning of the week, according to CoinGecko data.
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“What if the deal doesn't go through, or (Binance CEO Changpeng Zhao) comes back and says I'll give 10c to the dollar.
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