Bitcoin Hits 2-Year Low Amid FTX Crisis

    The whole cryptocurrency market is sinking toward bad news. Bitcoin fell 12% before 4:30 p.m. ET to just under $16,000, hitting a low not seen since November 2020, according to Coin Metrics.

    According to data from CoinMarketCap, the cryptocurrency market on the morning of November 10 continued to turn red with negative information about the drama between Binance and FTX.

    Bitcoin is currently trading at around $16,000. At one time, the value of the biggest digital currency fell to $15,600, the lowest level since the end of 2020.

    Compared to the peak set in November 2021, Bitcoin price has lost 76.4%. Among the top 10 cryptocurrencies in the world, only Binance Coin suffered the lowest loss from the top, around 60%. On the other hand, Ethereum, Matic, Dogecoin, Cardano, and XRP all dropped 70-90%.

    Thus, after showing signs of recovery at the beginning of the fourth quarter, Bitcoin reversed and plummeted by 16.85% compared to the previous quarter. 2022, in total, the digital currency has not recorded any positive increase. 

    Bitcoin is having its second-worst quarter in 2022 (Source: CoinMarketCap)

    The cryptocurrency market crash blew away 339,589 derivatives trading accounts with a total loss of over $600 million.

    FTT, the native token of FTX, is in the spotlight recently, falling 96.94% from its peak. Currently, FTT is trading around $2.45, down nearly 60% in the past 24 hours.

    Recently, Binance exchange announced to back out of FTX buyback.  This bad news further aggravated the market. Will FTT and FTX exchange have the same fate as Terra LUNA? Let’s wait and see.

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