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Bitcoin drops to 1-week low, ether slides 7% as FTX collapse ripples through crypto market - CNBC

Bitcoin drops to 1-week low, ether slides 7% as FTX collapse ripples through crypto market - CNBC

Bitcoin drops to 1-week low, ether slides 7% as FTX collapse ripples through crypto market - CNBC
Nov 21, 2022 44 secs

The cryptocurrency market has come under pressure over the last two weeks as problems at major exchange FTX came to light.

6 — the day Binance CEO Changpeng Zhao said his exchange would liquidate its FTT tokens — the crypto market has lost more than $260 billion of value.

FTT is the native token of FTX's crypto exchange and Zhao's decision to sell FTT sparked the collapse of FTX, which has since filed for bankruptcy.

"The market is in wait and watch mode to see whether there are any other entities that could fall as a result of being exposed to FTX," Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.

"It obviously adds a direct selling pressure on ethereum and it affected bitcoin and other tokens," said Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank.


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