Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq

News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin.

Binance logo in storefront
(Image credit: Getty Images)

Stocks traded solidly higher for most of Tuesday, but lost steam in the afternoon as Wall Street reacted to a big shakeup in the cryptocurrency space.

Earlier today, crypto exchange Binance said it plans to buy rival FTX's non-U.S. assets amid liquidity concerns at the latter firm. The news sent the price of Bitcoin tumbling 12.6% to $18,184 (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.). 

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.