FTX Fiasco Pushes Bitcoin Price Lower on Continued Fears of Contagion
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Cryptocurrencies were mostly lower as the risk of further contagion continues to weigh on investor sentiment.
Cryptocurrencies were mostly lower as the risk of further contagion continues to weigh on investor sentiment a month after Sam Bankman-Fried's FTX exchange sought bankruptcy protection. Bitcoin dropped as much as 1.4% to $16,882 on Monday before paring losses. Ether sank modestly as well, while altcoins like Avalanche and Dogecoin posted more significant declines. The insolvency of one of crypto's most established firms pushed down prices, already in a months-long slide. At the start of the fourth quarter, Bitcoin traded close to $20,000, but over the past month, the token has hovered around $16,500, failing to break above $17,400. Bitcoin is down 63% this year. ...