November 26, 2022

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Bitcoin (BTC) reaches a two-year low as fears of an FTX crash contagion persist

Bitcoin (BTC) reaches a two-year low as fears of an FTX crash contagion persist

The cryptocurrency market has taken a hit this year, wiping over $2 trillion from its value since its peak in November 2021. Cryptocurrencies have been under pressure after the collapse of major exchange FTX.

Jonathan Ra | Norphoto | Getty Images

bitcoin Tuesday hit a two-year low as the cryptocurrency market was bruised after the collapse of major exchange FTX.

Bitcoin price reached $15,480, its lowest level since November 11, 2020, according to CoinDesk data. Since then, the digital currency has rebounded from that low and was trading at around $15,728.33 at 4:08 AM ET.

The entire cryptocurrency market has lost more than $1.4 trillion in value this year as the industry has been plagued by problems from failed projects to a liquidity crunch, exacerbated by the fall of FTX, once one of the largest exchanges in the world.

The latest Crypto launch started after Binance CEO Changpeng Zhao said his exchange would sell its FTT tokens. FTT is the native digital currency of FTX’s cryptocurrency exchange. Binance move Raised the collapse of FTX, a company valued at $32 billion. Since then, FTX has filed for bankruptcy.

To make matters worse, the hackers stole around $477 million in cryptocurrency from FTX, the bulk of which was converted into the digital currency ether. But the hackers did They started laundering that money into bitcoin. And because they are selling ether, the price of ether has also been under pressure.

ether It was trading down about 3.5% at $1,089.42 at 4:08 AM ET.

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FTX may have more than million creditors. He owes More than 3 billion dollars To the 50 largest unsecured creditors only.

FTX founder Sam Bankman-Fred stepped down as CEO earlier this month and was replaced by John Ray III.

Ray looking for Sale or restructuring Global FTX Empire.

Bankman-Fried, meanwhile, is still hoping he can broker some sort of deal to save FTX, CNBC reported.