Frankfurt It was news that took the entire crypto industry by surprise on Tuesday: the world’s largest crypto exchange, Binance, is set to acquire large parts of the business of rival FTX, the third-largest crypto exchange.
This is causing a sell-off on the crypto markets: Bitcoin, the oldest and most important cryptocurrency, slipped below the 18,000 mark on Wednesday, according to data from the analysis house Coinmarketcap – and thus reached its lowest level in two years.
Ether, the second most important cyber currency, also went downhill: it lost almost 20 percent in value over a 24-hour period. Smaller cryptocurrencies such as Solana or Cardano also lost over 35 and eight percent respectively in the same period. The FTT token, FTX’s own coin, experienced an even more drastic price drop. At times it lost more than 70 percent of its value.
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