Cryptocurrencies continue to spiral down despite Binance-FTX deal

Cryptocurrencies continue to spiral down despite Binance-FTX deal

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

Cryptocurrencies saw a second day of sharp declines on Wednesday, as investors continued to fret about the stability of the sector and the financial health of major exchange FTX despite plans for a rescue deal from bigger rival Binance.

Crypto giant Binance signed a nonbinding agreement on Tuesday to buy FTX‘s non-US unit to help cover a “liquidity crunch” at the rival exchange.

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