This is the first time since two years ago that the price of Bitcoin has fallen below $17,000.
As the market was shocked by the news that one of the largest exchanges in the world, FTX, was reportedly insolvent, it has been a turbulent week for cryptocurrencies.
Binance stated that it had reached an agreement with FTX to buy it, therefore providing Sam Bankman-Fried an amount to bail out.
The hours following have seen a dramatic swing in the markets. The price of Bitcoin is currently at $16,900. Over the past week, it has seen a 17% decline in price. The coin’s current value was 75% less than its all-time high in November 2021.
The issue extends to every other coin and token. With a decline of 16% in the past day, Ethereum, the second-largest cryptocurrency, is doing worse than Bitcoin. Its price is currently at $1,178.
The two other cryptocurrencies with the poorest performance over the last day are Solana (SOL), which has dropped to the 14th place on the list of largest coins by market cap, and FTT because of the latest news.
Solana spent the majority of the Q2 of 2021 in the top five, and up until earlier this week, it was in the top ten. FTT is currently trading at $2,73, 42% less than yesterday, while SOL is trading at $14, 40% less than yesterday.
The U.S. BLR’s CPI, which releases data tomorrow and provides the most recent statistics on inflation in the American economy, is another concern for the cryptocurrency market.
The price of Bitcoin fell along with the stock market the last time significant inflation statistics were released.