new York Crypto investors brace for more turmoil. On Wednesday night, bitcoin, the largest and oldest digital currency, fell to $16,862, its lowest level in two years. Ether, the number two, lost over ten percent by the evening and cost $1188.
The reason for the new downward spiral were media reports that the takeover of the crypto exchange FTX by market leader Binance announced on Tuesday is about to end. This was reported by the financial services provider Bloomberg and the industry service Coindesk, among others. Accordingly, Binance is said to have discovered large holes in the balance sheet during due diligence that would make a takeover unattractive for the stock exchange founded in China.
Binance boss Changpeng Zhao, known in the industry as CZ, had kept all options open from the start. On Tuesday, he merely signed a non-binding letter of intent, allowing him to withdraw from the deal or take over only parts of FTX.
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