Bitcoin saw its price fall by more than half between November 2021 and May 2022
(Getty Images/iStockphoto)
The price of bitcoin is currently hovering around its lowest level since January 2021 following a tumultuous few days for the crypto market.
The chaos centres on the popular cryptocurrency exchange FTX, which saw a “significant liquidity crunch” when customers rushed to withdraw billions of dollars worth of assets due to fears relating to its digital token FTT.
As the world’s third largest exchange by trading volume, the uncertainty had repercussions for the rest of the market.
Rival exchange Binance is currently seeking a rescue deal, with both FTX founder Sam Bankman-Fried and Binance CEO Changpeng Zhao, known as CZ, announcing a non-binding letter of intent for the takeover.
“Our teams are working on clearing out the withdrawal backlog as is… But the important thing is that customers are protected,” Mr Bankman-Fried tweeted.
You can follow all the latest crypto news, price developments and market analysis in our live coverage below.
Crypto market suffers heavy losses
Here’s a snapshot of the market this morning, courtesy of CoinMarketCap’s price index. There’s a lot of red.
(CoinMarketCap)
Anthony Cuthbertson9 November 2022 11:35
Binance CEO and FTX founder confirm deal in progress
Here’s what both Binance CEO CZ and FTX founder Sam Bankman-Fried had to say about the potential takeover, which would see the world’s largest cryptocurrency exchange by trading volume take over the world’s third largest.
Anthony Cuthbertson9 November 2022 11:23
Binance seeks rescue deal for FTX
The big news today is whether or not Binance can secure a rescue deal to save FTX. Bosses from both exchanges appear to think that it is possible, though the market reaction suggests not everyone is convinced.
Bitcoin is down more than 10 per cent over the last 24 hours, falling to its lowest level in nearly two years, while the overall crypto market is hovering around lows not seen since January 2021.
You can read all about the latest developments in more detail right here:
Anthony Cuthbertson9 November 2022 11:18
Hello and welcome…
to The Independent’s live coverage of today’s tumultuous crypto market. We’ll be bringing you all the latest on the potential Binance/ FTX takeover, as well as analysis and commentary from leading figures in the cryptocurrency space.
Anthony Cuthbertson9 November 2022 11:15
