The crypto market has been battered this 12 months, with greater than $2 trillion wiped off its value since its peak in Nov. 2021. Cryptocurrencies have been under pressure after the collapse of major exchange FTX.
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Bitcoin briefly hit a two-year low Tuesday because the cryptocurrency market takes a bruising following the collapse of major exchange FTX.
Bitcoin hit $15,480, its lowest level since Nov. 11, 2020, in keeping with CoinDesk data. The digital coin has since bounced from that low and was trading at around $15,909.00 at 8:12 a.m. ET.
Your entire cryptocurrency market has lost greater than $1.4 trillion in value this 12 months because the industry has been plagued with problems from failed projects to a liquidity crunch, exacerbated by the autumn of FTX, once considered one of the world’s largest exchanges.
Crypto’s latest issues began after Changpeng Zhao, the CEO of Binance, said his exchange would sell its FTT tokens. FTT is the native digital currency of FTX’s crypto exchange. Binance’s move sparked the collapse of FTX, an organization once valued at $32 billion. FTX has since filed for bankruptcy.
To make matters worse, hackers stole around $477 million of cryptocurrency from FTX, the majority of which has been converted into the digital coin ether. However the hackers have begun to launder that cash into bitcoin. Because they’re selling ether, the worth of ether has also been under pressure.
Ether was trading down nearly 2% at $1,109.55 at 8:12 a.m. ET.
