Bitcoin Cash, Ethereum Classic, Litecoin And Solana Are All Crashing Again: Here's Why

Bitcoin Cash BCH/USD, Ethereum Classic ETC/USD, Litecoin LTC/USD and Solana SOL/USD are all falling sharply Wednesday afternoon. Shares of several altcoins are trading lower during Wednesday's session following a CoinDesk report suggesting Binance is leaning toward scrapping the FTX acquisition.

What Happened?

Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX. 

Due diligence was a condition of Binance's non-binding letter of intent for the acquisition, which was made public on Tuesday as FTX's financial situation appeared to be spiraling out of hand.

See Also: What's Going On With Amazon Shares

After evaluating FTX's internal data and loan agreements for around half a day, Binance has decided strongly not to complete the deal, Coindesk reported Wednesday, citing an anonymous source.

According to data from Benzinga Pro:

BCH is lower by 7.56% to $95.35

ETC is lower by 6.20% to $20.39

LTC is lower by 6.58% to $53.98

SOL is lower by 24.14% to $16.01