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Right now, the values of major Cryptocurrencies are in a nosedive.
It's been a rotten year for cryptocurrencies as a whole, as evidenced by the ten percent slide in the past 24 hours, which marked a two-year low.
It's a huge drop. You are now down on your investment if you bought it in December of last year.
There is a major downturn right now with other token such as Ether.
The news that Binance, the largest exchange by trading volume, has offered to bail out rival exchange FTX, which had imploded in a matter of days, is likely to be received by investors in a positive way.
The news has caused a lot of concern in the industry.
"It's frightening to think that FTX, which is one of the largest exchanges in the world, was bitten by liquidity concerns and that their biggest rival, Binance, is coming to their rescue," Dan Raju, CEO of financial services provider, said.
The sudden news of an impending acquisition drew the attention of antitrust experts as well as sparking fears of impending regulation amongst investors.
The deal is a textbook horizontal merger of sorts that the antitrust laws in the US and internationally are meant to address, according to a lawyer. I don't think it's a good idea to exclude the U.S. exchanges from the deal in the first place.
In a matter of hours, the values of cryptocurrencies fell back to where they were before the news broke.
FTX's token has lost 80 percent of its value in the past week.
The plunge is still going on as of Wednesday morning, suggesting a long period of uncertainty.
Even holding on to your investments for years isn't always guaranteed to pay off, as the tech's seemingly inherent volatility shows.
The Wall Street Journal reported on the fall in the prices of thecryptocurrencies.
A billionaire loses 94 percent of his wealth in one day.
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