On the Bitstamp platform, the price of Bitcoin dropped to a new annual low of $17,114 before recovering some of its losses.
The biggest cryptocurrency has seen a loss of up to 15.7% throughout the course of the previous day. The instability surrounding FTX has had a profoundly negative impact on the cryptocurrency industry.
After it was discovered that the exchange had been hiding the fact that it was going bankrupt, Binance agreed earlier today, as reported by U.Today, to buy its toughest competitor.
Charles Hoskinson, the inventor of Cardano, responded to the most recent market meltdown in a recent tweet by making light of the situation by saying that the ADA coin was “super Zen.” The ADA token, on the other hand, dropped 14.3%.
During this period, the value of one FTX (FTT) token has dropped by as much as 80 percent in only the last twenty-four hours.
In the previous twenty-four hours, transactions using cryptocurrencies have generated more than 854 million dollars worth of proceeds.
Also Read: On-chain evidence suggests that FTX has ceased processing withdrawals