Most crypto prices jumped shortly on Tuesday after news that Binance, the largest crypto exchange in the world, has signed a letter of intent to acquire rival FTX. But prices have since dropped across the board. Bitcoin BTCUSD, -9.70% has fell to as low as $17,484 on Tuesday, the lowest level in two years.
Sam Bankman-Fried, chief executive and founder of FTX tweeted on Tuesday that the exchange has entered into a strategic transaction with Binance, pending due diligence.
Here is how crypto prices are doing after the news was announced, according to CoinDesk data:
: The price was around $19,350 before the announcement. The Bitcoin price jumped to $20,590 in less than an hour after the announcement. Currently, the price is at $17,484. This marks a -13.64% change over the past 24 hours.
: Price of Ethereum was around $1,438 before the announcement, and peaked at $1,562 under an hour after. Currently, the price is at $1,289, a change of -19.54% over the past 24 hours.
Binance Coin: The Binance Coin price was around $322 before the announcement, and peaked at $385 under an hour later. The current price is $316, a change of -7.86%.
Solana: The price of Solana before the announcement was around $27.69, and peaked at 31.29 shortly after the announcement. Currently, the price is at $23.97, a change of -25.78% over the past 24 hours.
FTT: The price of FTT before the announcement was $14.98 before the news broke of the FTX acquisition. Shortly after, it surged to $19.33. FTT is currently trading at $4.50, according to CoinMarketCap data.
: The price of Dogecoin went from 0.099 to 0.1088 after the announcement. The price is currently 0.088, a -24.55% change over the past 24 hours.