Crypto’s Biggest Day Ever Is Far From Its Best

Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. In today’s edition, Emily Nicolle recaps an incredible day in crypto:

The biggest thing in crypto just happened: Binance, the world’s largest crypto exchange by daily volume, signed a letter of intent to buy fourth-largest FTX, a younger platform — but arguably just as prominent — that was last valued at $32 billion.