Cryptomarket collapsed amid the bankruptcy of the FTX exchange

Bitcoin at the moment collapsed to $16,950 amid the news of the bankruptcy of one of the largest cryptocurrency exchanges FTX. Such a value of the BTC price has become a minimum over the past year. Subsequently, the cryptocurrency exchange rate recovered to the level of $18,386.

A sharp drop in the price of bitcoin coincided with a decline in stocks, including crypto companies – both the S&P 500 and the Nasdaq 100 technology index suffered losses. Analysts note that investors are afraid of any failure or mini-collapse in risky assets.

The fall was demonstrated not only by bitcoin: Ethereum fell to the level of $1,283, Solana and Dogecoin at the moment fell by more than 28%. FTT, the service token of the FTX crypto exchange, collapsed by more than 75% to $4.7. 

During the day, all bitcoins in the amount of about 20,000 units were withdrawn from the FTX exchange. At the moment, the exchange's balance is measured by negative values and amounts to -197.95 BTC.

Cryptocurrencies also collapsed after it became known that the Binance crypto exchange intends to absorb the competing FTX platform, which is facing a liquidity crisis. This possible deal made traders recall the problems faced by Celsius, the crypto bank that collapsed earlier in 2022, and other players in the crypto market.