The price of bitcoin fell by 5% on Monday morning, to almost $16,000, Report informs with reference to Binance.
Bitcoin is trying to hold on to $16,000 amid the crisis around the bankrupt crypto exchange FTX. Since last Tuesday, the price of the cryptocurrency has fallen from $20,560, losing more than 20% of its value in total, and the capitalization of the crypto market has dropped from more than $1 trillion to about $800 billion.
Earlier in November, the head of the largest crypto exchange Binance, Changpeng Zhao, said that as part of the exit of the platform from the capital of FTX, Binance plans to sell tokens issued by FTX within a few months. Sales were estimated at $0.5 billion. After that, a liquidity crisis began in the crypto market - investors began withdrawing their funds. Binance then signed a non-binding letter of intent to acquire FTX fully. Later, Binance announced the rejection of the takeover.
Then FTX itself filed for bankruptcy and announced that the CEO of the exchange, Sam Bankman-Freed, was leaving his post. And on Saturday, Bloomberg reported that FTX lost $662 million in one day "under mysterious circumstances." According to the analytical company Nansen, the outflow was registered from the international and American exchanges FTX.