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Bitcoin Cash\u00a0<\/strong>BCH\/USD<\/span>, Ethereum Classic<\/strong> ETC\/USD<\/span>, Litecoin<\/strong> LTC\/USD<\/span> and Solana<\/strong> SOL\/USD<\/span> are all falling sharply Wednesday afternoon. Shares of several altcoins\u00a0are trading lower during Wednesday’s session following a CoinDesk report suggesting Binance is leaning toward scrapping<\/a> the FTX acquisition.<\/p>\n What Happened?<\/strong><\/p>\n Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly \u201cvery unlikely\u201d to proceed with its\u00a0proposed acquisition of struggling rival FTX<\/a>.\u00a0<\/p>\n 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.<\/p>\n See Also:\u00a0What’s Going On With Amazon Shares<\/a><\/em><\/p>\n After evaluating FTX’s internal data and loan agreements for around half a day, Binance has decided strongly not to complete the deal, Coindesk\u00a0reported\u00a0<\/a>Wednesday, citing an anonymous source.<\/p>\n According to data from Benzinga Pro<\/a>:<\/p>\n BCH is lower by 7.56% to $95.35<\/p>\n ETC is lower by 6.20% to $20.39<\/p>\n LTC is lower by 6.58% to $53.98<\/p>\n SOL is lower by 24.14% to $16.01<\/p>\n<\/div>\n