The global value of the overall crypto sector fell 5.6% to US$972B, according to CoinMarketCap; bitcoin loses 5.5%, ether slides 8%, while dogecoin tumbles 12%
Bitcoin and most other cryptocurrencies were down Tuesday after Binance's stunning announcement that it will acquire FTX.Binance CEO Changpeng Zhao said the deal will"help cover the liquidity crunch" at FTX.Binance's stunning announcement that it intends acquire FTXThe global value of the overall crypto sector fell 12% over the last day to $911 billion, according to CoinMarketCap. Bitcoin lost 12%, ether sank 17.5%, and dogecoin tumbled 25%.
"To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch," Binance CEO Changpeng Zhao tweeted. Financial terms weren't disclosed, but FTX founder and CEO Sam Bankman-Fried tweeted,"Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we've asked Binance to come in."
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