Prices For Bitcoin Drop To Roughly A 2-Year Low As The Crypto Market Experiences Massive Losses

Concerns about the failing exchange FTX have caused the price of bitcoin to tumble recently, reaching its lowest level since late 2020.

On TradingView, the value of the most well-known cryptocurrency in the world dropped to $16,440.00 this afternoon.

According to the data provided by TradingView, the value of the digital asset had dropped by more than 70 percent since it had achieved its all-time high of more than $60,000 before the end of the previous year.

Additionally, it had dropped to its lowest value since about November of the year 2020.

According to additional data provided by TradingView, the value of Ethereum, the second-largest cryptocurrency in terms of total market value, was also in the negative, having dropped below $1,140 earlier in the day.

At the time that this article was written, the value of the digital currency that was previously mentioned, which is the native asset of the decentralized application platform Ethereum, had decreased by more than 10% during the course of the previous twenty-four hours.

A number of other important cryptocurrencies, including binance coin and ada developed by Cardano, had also experienced significant price drops.

The recent revelations concerning the uncertain future of the cryptocurrency exchange FTX have dominated the news, which has resulted in significant losses for cryptocurrencies.

A non-binding letter of intent was signed by Changpeng “CZ” Zhao, the founder and CEO of well-known cryptocurrency exchange Binance, and FTX yesterday, according to a report from CoinDesk.

This situation was confirmed by Zhao, who wrote on Twitter, “This afternoon, FTX called for our assistance. There is a severe liquidity crisis.

The executive of Binance chose to post the entire message on Twitter, emphasizing how the events had “severely shook” users’ confidence.

CoinDesk reported this morning that the planned deal would probably not go through, citing a source who said Binance had done more study into FTX’s status and downgraded the possibilities of the acquisition.