Cryptocurrency prices fall as Binance opts against buying rival FTX

Cryptocurrency prices plunged for a second-straight day on Wednesday after crypto exchange Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading.

Bitcoin and other cryptocurrencies were broadly lower soon after investors heard rumors that the Binance-FTX deal was in trouble. The CEOs of both exchanges — Sam Bankman-Fried of FTX and Changpeng Zhao of Binance — had publicly agreed to a merger Tuesday, pending the ability for Binance to perform due diligence of FTX's balance sheet.

That due diligence led to significant concerns that convinced Binance to pull out of the deal, the company said in a statement Wednesday.