Business News Asia
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.