Bitcoin drops $16,000 amid FTX domino effect fears

Bitcoin falls below $16,000 while other cryptocurrencies also plummet due to the bankruptcy of FTX, the world’s second largest cryptocurrency trading platform.

This morning, the bitcoin price fell 2.96% to $15,856.23.

The crypto market remains under pressure two weeks after the collapse of FTX, with the market capitalization of cryptocurrencies falling by over $260 billion.

FTX issued a statement saying it has filed for Section 11 receivership in the U.S. courts. Approximately 130 subsidiaries of FTX have filed for bankruptcy. These include Alameda Research and FTX.us.

FTX became a bankrupt company within days, with original assets of more than $30 billion.

Investors are still worried that the FTX crisis will have a domino effect, pushing more crypto-related companies into bankruptcy.

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