FTX collapse: Bitcoin slips below USD 16,000 for the first time in two years

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Biznextindia : Last week’s collapse of the cryptocurrency exchange FTX dealt a devastating blow to the whole crypto industry. The cryptocurrency market is facing heavy selling pressure as Bitcoin falls more than 5% and dips below USD 16,000 for the first time in two years. Currently it is hovering around USD 15,943.

The BTC is now selling at USD 15,970 and has a market worth of USD 306 billion, touching a new low for 2022. The overall cryptocurrency market has lost more than USD 200 billion during the past week. Market liquidity has been drying up quickly recently, according to on-chain statistics from Coinglass, which could be cause for concern moving forward.

The recent collapse of FTX is being regarded as one of the worst episodes of crypto industry which has seriously dented investor’s trust in centralized crypto trading platforms. The total BTC balance on exchanges has declined to the lowest since 2018 to under 2.3 million.

(By T. Moharana)

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