Bitcoin falls below $17,000 after FTX collapse

Bitcoin continues to fall. It most recently fell below the $17,000 mark, while other cryptocurrencies are also plummeting with concerns over the liquidity crisis at FTX, a trading platform for cryptocurrencies,

In the morning of today, the bitcoin price fell by 12.19% to $16,191.05.

According to Coinmarketcap, the market capitalization of cryptocurrencies dropped by more than 15% in 24 hours, from $1.05 trillion to $860 billion.

CEO of Binance, the world’s largest cryptocurrency trading company, announced yesterday that the company was able to reach an agreement to acquire FTX.

Binance will review FTX’s deal in the coming days and reserves the right to exit the deal at any time.

Earlier, cryptocurrencies slumped across the board amid rumors of FTX bankruptcy after FTX competitor Binance announced it would sell all of its FTX tokens for a higher value of $500 million.

The price of the FTT coin fell nearly 20% to $17.73, its lowest level since 2021.

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