The cost of Bitcoin slid to just $ 15,680 on Tuesday morning , the crushed level in over two age for the cryptocurrency . And most people expect the cost to continue to settle well as dealer worry the radioactive dust from the implosion of FTX , once the second largest crypto platform in the worldly concern , could have more casualty .
FTX file for bankruptcy on November 11 , less than a calendar week after rival CEO Changpeng “ CZ ” Zhao from Binance tried to sell over $ 500 million of FTX ’s aboriginal crypto token FTT . CZ was n’t even able to cash out the token due tolack of liquidityat FTX , accidentally exposing the fact that none of these cryptocurrencies are actually worth anything . FTT is currently trading at $ 1.26 , down 97 % from a twelvemonth ago when it was trading at over $ 50 .
FTT was n’t the only digital currentness created by former chief executive officer Sam Bankman - Fried for his company FTX and Alameda Research . The so - called “ JP Morgan of crypto , ” as CNBC liked to call him , also create another relic calledSerum , which was used like tangible currentness rather than the Monopoly money it actually was . In fact , FTX listed $ 2.2 billion “ worth ” of Serum on its balance sheet before it go off , according to theFinancial Times . Serum is presently trading at $ 0.23 , down 12 % on the day and down 95 % from a year ago .
Former CEO of FTX Sam Bankman-Fried interviewed by Bloomberg on 30 November 2024, just two months before the collapse of FTX.Screenshot: Bloomberg
FTX was previously rate at $ 32 billion , but it took just a hebdomad for that to break apart to nothing , causing ripple effects that are still being feel across the crypto landscape . As one deterrent example , the crypto company Gemini , is reportedly struggling to raise John Cash and warns it could file away for failure in the hereafter . Gemini had roughly $ 175 million in an FTX account , according toBloomberg News , money it ’s unlikely to ever see again .
Other major cryptocurrencies beyond Bitcoin also slumped Tuesday aurora , including Ethereum , which is currently deal at $ 1,085 , down 2.78 % from 24 hour before , and down 74 % from a yr ago . Binance ’s BNB crypto , the third most democratic coin , is sell at $ 254 , down 1.3 % from 24 60 minutes ago and down 55 % from a yr ago . XRP is trading up 3.6 % on the day at $ 0.36 , but still down over 65 % from a class earlier .
BitcoinCryptocurrenciesGeminiSam Bankman - electrocute
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