Cryptocurrencies saw a second day of sharp declines as investors continue to fret about the stability of the sector and the financial health of major exchange FTX despite plans for a rescue deal from rival Binance
to buy FTX's non-U.S. unit to help cover a "liquidity crunch" at the rival exchange.
Bitcoin , the biggest cryptocurrency by market value, was down 5.5% on the day at $17,656, after a 10% 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. Zhao tweeted a letter to staff that there was no "master plan" behind the deal and that "FTX going down is not good for anyone in the industry" and is not a win."Regulators will scrutinize exchanges even more," he said in the letter, earlier reported by the Financial Times. "Licenses around the globe will be harder to get."The turmoil at FTX is the latest sign of trouble in the fast-moving world of cryptocurrencies.
"Crypto players are reacting quicker to news and rumor, which in turn builds up a liquidity crisis much faster than one would have seen in traditional finance," said Fabian Astic, head of DeFi and digital assets at Moody’s Investors Service.It is not clear how regulators will regard a deal between the two crypto exchanges. U.S. antitrust enforcers could insist on looking into the merger, antitrust experts said.
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