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Markets•November 9, 2022, 4:17PM EST

UPDATED: November 9, 2022, 4:22PM EST

Bitcoin’s Wednesday losses continued amid news that Binance will not buy the beleaguered crypto exchange FTX.
Bitcoin traded just above $16,000 after falling more than $2,000 since the market open.

Crypto markets continued to fall Wednesday, with news that Binance won't buy FTX, fueling additional declines as U.S. equities markets closed.

The day's losses have been fueled by growing — and now confirmed — concerns that Binance would back out of the deal.

Bitcoin fell as low as $16,027, according to TradingView data. At 4:20 p.m. ET, bitcoin was trading hands at $16,120.

The price of Solana, down more than 45% in the past day, fell to $12.82 as of 4:20 p.m. ET.

Other major crypto assets, including BNB and DOGE, have fallen sharply amid the events of the past day, according to CoinGecko data.