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Bitcoin Comes Dangerously Close to Crashing Below $17,000

Tue, 11/08/2022 - 19:46
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Alex Dovbnya
The Bitcoin price has collapsed to a new yearly low amid the FTX drama
Bitcoin Comes Dangerously Close to Crashing Below $17,000
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The price of Bitcoin crashed to a new yearly low of $17,114 on the Bitstamp exchange before paring some losses. 

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The largest cryptocurrency is now down as much as 15.7% over the last 24 hours.    

The cryptocurrency market has been hit extremely hard by the FTX drama. As reported by U.Today, Binance agreed to acquire its arch-rival earlier today after it turned out that the exchange was secretly insolvent.   

Australian Crypto Fund Sells FTX (FTT) Tokens

Cardano founder Charles Hoskinson has reacted to the most recent market crash in a recent tweet, joking that the ADA token was “very Zen.” However, the ADA token is down 14.3%

In the meantime, the FTX (FTT) token has crashed by as much as 80% over the last 24 hours alone. 

More than $854 million worth of crypto has been liquidated over the past 24 hours. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at