Bitcoin prices fell over 10% on Wednesday, with the broader crypto market in freefall after a potential bankruptcy in World No. 2 exchange FTX soured sentiment towards the space, with a bailout offer by Binance doing little to soothe losses.
Bitcoin – the poster child of the crypto space – is now trading near a two-year low, with further losses threatening to wipe out nearly all gains made during the past two years.
Bitcoin, the world’s largest cryptocurrency traded down 10.2% at $18,488.5 by 19:17 ET (00:17 GMT), after briefly sinking to $17,260- its weakest level in 2022. World No. 2 cryptocurrency Ethereum fell 15.1% to $1,330.26, also briefly touching a one-month low.