Why Baby Dogecoin Is Getting Hammered Alongside Bitcoin, Ethereum Today

Baby Dogecoin BABYDOGE/USD is trading sharply lower some by 15.6% at $0.000000001017 Wednesday evening. Shares of several popular altcoins are trading lower during Wednesday's session following a CoinDesk report suggesting Binance is scrapping the FTX acquisition.

What Happened?

Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX. 

Due diligence was a condition of Binance's non-binding letter of intent for the acquisition, which was made public on Tuesday as FTX's financial situation appeared to be spiraling out of hand.

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After evaluating FTX's internal data and loan agreements for around half a day, Binance has decided strongly not to complete the deal, Coindesk reported Wednesday, citing an anonymous source.

According to data from Benzinga Pro:

Bitcoin is trading lower by 15.54% to $15,664.30

Ethereum is trading lower by 18.43% to $1,085.14