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Bitcoin (BTC) hits 2-year low as FTX collapse contagion fears linger – EAST AUTO NEWS

Bitcoin (BTC) hits 2-year low as FTX collapse contagion fears linger


The crypto market has been battered this yr, with greater than $2 trillion wiped off its worth since its peak in Nov. 2021. Cryptocurrencies have been below strain after the collapse of main change FTX.

Jonathan Raa | Nurphoto | Getty Photos

Bitcoin reversed larger on Tuesday after briefly hitting a two-year low, as buyers assess potential injury nonetheless to come back within the aftermath of FTX’s collapse.

The biggest cryptocurrency by market cap was final buying and selling larger by 2.5% at $16,204.92, in response to Coin Metrics. Earlier within the day it fell to $15,480, its lowest stage since Nov. 11, 2020. Ether rose 2.1% to $1,126.92.

The cryptocurrency market has misplaced greater than $1.4 trillion in worth this yr because the trade has been plagued with issues from failed tasks to a liquidity crunch, exacerbated by the autumn of FTX, as soon as one of many world’s largest exchanges.

Crypto’s newest points started after Changpeng Zhao, the CEO of Binance, stated his change would promote its FTT tokens. FTT is the native digital foreign money of FTX’s crypto change. Binance’s transfer sparked the collapse of FTX, an organization as soon as valued at $32 billion. FTX has since filed for chapter.

To make issues worse, hackers stole round $477 million of cryptocurrency from FTX, the majority of which has been transformed into the digital coin ether. However the hackers have begun to launder that cash into bitcoin. As a result of they’re promoting ether, the value of ether has additionally been below strain.

Ether was buying and selling down practically 2% at $1,109.55 at 8:12 a.m. ET.

Bitcoin (BTC) hits 2-year low as FTX collapse contagion fears linger – EAST AUTO NEWS
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