Bitcoin Cash, Ethereum Classic, Litecoin And Solana Are All Crashing Again: Here's Why - Ethereum Classic (ETC/USD), Bitcoin Cash (BCH/USD)

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.

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