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Crypto

Crypto Market Rout Deepens as Binance Drops FTX Takeover Offer

  • Bitcoin, Ether, Solana and the FTT token have all plunged
  • Bitcoin drops below $16,000 for first time since 2020
Bloomberg business news
Crypto Collapses As Binance Moves to Buy FTX
Updated on

The week’s rout in cryptocurrencies deepened, with Bitcoin tumbling to the lowest levels in two years, as Binance walked away from its planned takeover of FTX.com.

Bitcoin, the largest token by market value, fell as much as 15% to $15,987 on Wednesday, the least since November 2020. That brings the two-day decline to as much as 23%, the most since June. It reached a record high of almost $69,000 a year ago. Just about every digital coin was struggling: Ether, Solana, Polkadot and Avalanche all dropped.