STORY: From dogecoin feeling the Musk effect again, to a big move from Binance, these are the week’s big stories in the world of cryptocurrencies.
FTX founder Sam Bankman-Fried says the company has come to a "strategic agreement" with rival Binance for FTX.com.
Binance's Chief Executive Changpeng Zhao said his company had signed a non-binding agreement to help cover a "liquidity crunch" at the cryptocurrency exchange.
Before the news, FTX's in-house token had slumped, losing one-third of its value and dragging down other major digital assets.
Dogecoin is back, thanks to guess who.
The alternative token, which began life as a joke, soared after Elon Musk bought Twitter.
“I think ultimately, it could be one of the most valuable companies in the world.”
Dogecoin’s value more than doubled in the days after the deal went through.
Market watchers say investors are betting Musk will make doge part of Twitter’s payments system.
And Coinbase is feeling the chill of the crypto winter.
The crypto exchange slid to a net loss of just over $544 million in the third quarter.
High inflation, rising rates and global tensions all sapped demand for risky assets.
Trading platform Robinhood also saw declining crypto trading take a bite out of its earnings.