The CoinDesk Market Index (CMI) dropped 3% during early U.S. trading hours on Friday.Read MoreCoinDesk
Cryptocurrencies across the board dropped sharply on news that troubled crypto exchange FTX filed for bankruptcy and CEO Sam Bankman-Fried left the company.
Bitcoin (BTC) dropped about 7% to a 24-hour low of $16,351 during early U.S. trading hours.
The decline partially reversed a big rally on Thursday, when a report showing slower-than-expected inflation in October gave bitcoin traders some relief. The largest cryptocurrency shot up about 10%, the biggest daily gain in two months.
The CoinDesk Market Index (CMI) of 162 digital assets dropped 3% on Friday, leaving it down 15% in November.
FTX token (FTT) dropped another 24%, and huobi token (HT), which briefly gained 400% on Thursday amid news that Tron-based tokens would be redeemed 1:1 from FTX, fell 14% on Friday. Dogecoin (DOGE) dropped over 10%.
Solana’s SOL token fell 4.6% to $16.66. The Solana blockchain was at times promoted by Bankman-Fried. Its token has been rocked by volatility over the past few days.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin price started a recovery wave above $68,500. BTC is now struggling to clear $72,000…
Bitcoin’s latest drawdown from its all-time high is being compared to 2022 across crypto Twitter…
Scaramucci noted that SkyBridge has been purchasing bitcoin at various price points, including around $84,000,…
Bitcoin’s mining landscape is showing clear signs of stress as network difficulty records its largest…
The Bitcoin and Ethereum prices have rebounded from last week’s lows, providing optimism that the…
Bitcoin is tightening between two major liquidity pools, with both bulls and bears sitting on…