Bitcoin , the biggest cryptocurrency by market value, was down 2% at $18,250, after a 10% plunge on Tuesday that marked its worst day since mid-August.
The market focus was, however, on FTT , the token tied to FTX, whose financials have been the source of market angst since last week.
Market participants were then stunned when Binance signed a nonbinding agreement on Tuesday to buy FTX's non-U.S. unit to help cover what it called a liquidity crunch.
The deal between high-profile rivals Zhao and Sam Bankman-Fried, FTX's CEO, followed week-long speculation about FTX's financial health that snowballed into $6 billion of withdrawals in the 72 hours before Tuesday's deal.
"Alameda is a big market maker in the defi market.