Yahoo Finance's Akiko Fujita reports that cryptocurrencies are moving lower following news that Binance will acquire FTX.com.
AKIKO FUJITA: Let's go to some developing news here that we've been tracking here in the crypto space. You see all of-- it's pretty much right across the board here, Bitcoin down about 1%. All of this coming after crypto exchange Binance agreed to buy rival FTX.com. Now, both FTX's Sam Bankman-Fried, Binance's CEO, known as CZ, confirming that on Twitter.
We should point out CZ specifically saying there is a significant liquidity crunch at FTX, and that after these conversations with FTX, Binance agreed to sign a non-binding LOI intended to fully acquire FTX.com and help cover the liquidity crunch that's coming from CZ. And of course, we're going to stay on top of this story.