NEW YORK (AP) — Cryptocurrency prices plunged for a second-straight day Wednesday after crypto exchange Binance announced it was pulling out of a deal to purchase failing rival FTX Trading. The CEOs of the two exchanges — Sam Bankman-Freid of FTX and Changpeng Zhao of Binance — had publicly agreed to a merger Tuesday, pending due diligence on FTX’s balance sheet. That review apparently led to significant concerns for Binance and convinced it to back out of the deal, Binance said in a statement. The price of bitcoin plunged more than 13% to $15,840, according to CoinDesk, its lowest level since November 2020. It had been above $20,000 earlier in the week.
Cryptocurrencies plunge as Binance scraps deal for rival FTX
