Bitcoin hits a Two-Year Low as FTX Deal Collapses
The price of Bitcoin has reached a two-year low, following Binance's decision to scrap the deal to buy smaller cryptocurrency exchange FTX.
On Thursday 10th November, Bitcoin fell below $16,000 for the first time since 2020, as the price of other cryptocurrencies was negatively impacted too.
Binance decided to pull out of the deal because of due diligence concerns connected to reports of "mishandled customer funds and alleged US agency investigations". The move has left FTX customers unable to make withdrawals from the exchange, as fears of further crypto volatility if the company goes bust are intensifying.
On Twitter, Binance commented that the issues facing FTX were "beyond our control or ability to help".
"Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market."