Bitcoin down 6% as FTX files for bankruptcy, Binance CEO warns crisis
Changpeng Zhao says there will be 'cascading effects' with FTX going down
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Bitcoin saw its price lose over 6% on Friday the crypto market has failed to rebound from a major sell-off after the troubled cryptocurrency exchange platform FTX filed for bankruptcy.
The price of Bitcoin, the world’s largest crypto by market size, was trading around $16,760 at 11.45 a.m. EDT for a 6.1% daily loss.
Ethereum, the world’s biggest altcoin, was trading around $1,246 at the time for a 6.3% daily decline.
The total value of the cryptocurrency market was down 6% to $844 billion during that time, according to data from the digital asset price-tracking website CoinMarketCap.
Some altcoins saw their price plummet between 15% to 20% in the past 24 hours.
FTT, FTX's token, saw its price dive 89% in the past week, while it was down 31% for the day.
The major sell-off started on Tuesday when FTX asked for help from the rival Binance, because of liquidity issues. Binance refused the buyout deal on Wednesday.
Cryptocurrencies were in freefall through Wednesday, but they partially recovered on Thursday when a slowdown in inflation gave hope to investors that the Fed could take its foot off the throttle in increasing interest rates in the coming months
The crypto market, however, was once again in negative territory after FTX Group filed for Chapter 11 bankruptcy in the US and its CEO Sam Bankman-Fried resigned from his role.
Binance co-founder and CEO Changpeng Zhao on Friday warned of a crisis in the crypto market.
"With FTX going down, we will see cascading effects," Zhao told Financial Times. "Especially for those close to the FTX ecosystem, they will be negatively affected."
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