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.
The price of Bitcoin plunged more than 12% to $16,084, according to CoinDesk, its lowest level since December 2020. It had been above $20,000 earlier in the week. The other major cryptocurrency, Ethereum, was down 13%.
Zhao, who goes by"CZ" in the crypto world, posted a lengthy statement on Twitter addressing rumors about the Binance-FTX deal falling apart.
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