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Bitcoin Slides to Two-Year Low as Fears Persist Over FTX

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On September 1, 2022, just two months before FTX's demise, former FTX CEO Sam Bankman-Fried was interviewed by Bloomberg.

On September 1, 2022, just two months before FTX’s demise, former FTX CEO Sam Bankman-Fried was interviewed by Bloomberg.
screenshot: bloomberg

Bitcoin fell to just $15,680 on Tuesday morning. Traders also expect prices to continue to drop significantly as the once-world’s second-largest cryptocurrency platform worries about the impact of an implosion in FTX, so many are even more concerned. I expect that there will be many casualties.

FTX filed for bankruptcy on November 11, less than a week after Binance rival CEO Changpeng “CZ” Zhao attempted to sell FTX’s native crypto token FTT for over $500 million. . CZ couldn’t even cash out the tokens. lack of liquidity FTX falsely exposed the fact that none of these cryptocurrencies were actually worth anything.The FTT is now trading at $1.26, down from a year ago when it was trading at over $50. 97% down.

FTT wasn’t the only digital currency former CEO Sam Bankman-Fried created for his companies FTX and Alameda Research. The so-called “his JP Morgan of cryptocurrencies,” as CNBC likes to call it, has also created another token. serum, was used like real currency, not real Monopoly money. In fact, before FTX imploded, he had $2.2 billion of “worth” serum on the balance sheet. financial timesSerum is currently trading at $0.23, down 12% on the day and down 95% from a year ago.

FTX was previously valued at $32 billion and took just over a week to hit zero. Cryptocurrency firm Gemini, for example, has reportedly been struggling with funding and has warned it may file for bankruptcy in the future.Gemini had about $175 million in FTX accounts, according to bloomberg newsmoney never seen again.

Other major cryptocurrencies besides Bitcoin also fell Tuesday morning, including Ethereum, which is currently trading at $1,085, down 2.78% from the previous 24 hours and down 74% from a year ago. His BNB cryptocurrency on Binance, the third most popular coin, is trading at $254, down 1.3% from 254 hours ago and down 55% from a year ago. XRP is up 3.6% to trade at $0.36, but is still down more than 65% year-on-year.

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