Binance-FTX saga deepens crypto investors’ fears, Bitcoin near two-year low

Just as the investors were consolidating their positions in the cryptocurrency market, the news of Binance selling all its FTX tokens pulled the rug from under their feet. The total crypto market cap has fallen nearly $150 billion since the announcement on Tuesday with the FTX token, FTT, losing 75.85 per cent. FTX is the third largest crypto exchange in the world, and Binance is the largest.

Binance later announced that it was acquiring FTX but it failed to control the fall in crypto prices.

Bitcoin, the largest cryptocurrency by m-cap, was at its lowest level since November 2020 and has fallen over 10 per cent in the same period and Ethereum has plunged nearly 20 per cent.