Major cryptocurrencies are down with some depreciating in value more than 10% in the past 24 hours.
Just days earlier, Binance CEO Changpeng Zhao announced that FTX asked for help in dealing with the ongoing liquidity problem in the troubled exchange. This prompted a strong bearish response from the crypto market.
Almost immediately after Binance revealed that they might buy the Sam Bankman-Fried crypto exchange, cryptocurrency values dropped sharply. In general, the last day of trading saw a significant drop in the value of cryptocurrencies.
Based on figures from CoinMarketCap, the price decline wiped out more than $ 100 billion in value from crypto assets.