Crypto prices plummeted following Binance's deal to acquire FTX.com after a brief bump higher.
FTX's FTT token dropped 70% since popping immediately following the news around 11:15 a.m. ET. The token is more than 80% down since Sunday, when Binance's CEO Changpeng "CZ" Zhao said the exchange would sell its FTT tokens.
The news of Binance's acquisition also temporarily buoyed bitcoin, which is now down nearly 10%, according to data via TradingView.
Ether fell 16% in the last hour. Despite the news, Binance's token BNB also sold off, albeit less dramatically, down 6%.
The global crypto market cap crashed below $1 trillion following the sell-off.
Elsewhere, Coinbase shares have plummeted around 11% today as the world's largest exchange looks to become even more prominent.
Just two weeks ago, volatility in crypto markets hit its lowest level since July 2020, according to The Block's annualized bitcoin volatility dashboard. Last week, Thomas Perfumo, Kraken's head of strategy, noted that bitcoin's volatility had fallen below the S&P 500. "Traders note that periods of consolidation with declining volatility and volume precede explosive price movement," he said.
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