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Crypto Markets Sag as Funds Drained From FTX Switch Out of Ether

  • Analysts see some proceeds drained from FTX switch to Bitcoin
  • Bitcoin extends slide, dropping to lowest level in 2 years
Bloomberg business news
WATCH: Bobby Lee, founder of crypto storage provider Ballet Global, discusses the downfall of Bankman-Fried’s FTX, and the outlook for the market.Source: Bloomberg
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Cryptocurrency prices slumped in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire.

The largest token Bitcoin has shed as much as 4.7% to $15,485 on Monday, the least since November 2020. Second-ranked Ether is roughly 5% lower. Meme token Dogecoin -- a gauge of the most speculative sentiment in an already racy digital playground -- is down about 12% over the past two days.