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Bitcoin plunges to a 2-year low as FTX collapse contaminates industry

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Cryptocurrencies are continuing to feel the shockwaves of the crumbling FTX empire with Bitcoin plunging to a 2-year low of $15,480 (€15,050) on Tuesday as other cryptos follow the downward trend.It comes as the entire crypto market lost more than $1.4 trillion (€1.3 trillion) in value this year with multiple pressures, including the Terra Luna saga and now the fall of FTX, the world’s third-largest crypto exchange run by Sam Bankman-Fried.FTX filed for bankruptcy this month after CoinDesk raised fears of a liquidity crisis.

The cryptocurrency news website reported that the assets of Alameda, a crypto trading firm also run by Bankman-Fried, were mostly tied up in FTT, the coin of FTX.Shortly afterwards, Changpeng Zhao (better known as CZ), the CEO of crypto exchange Binance, said his company would sell its FTT tokens, sparking the beginning of FTX’s implosion.Binance then said it signed a letter of intent to buy FTX but then reversed its decision, saying FTX’s issues were “beyond our control”.As well as Bitcoin taking a big hit, the second-largest cryptocurrency Ethereum also shed more than 13 per cent in the last week to reach $1,089 (€1,059) on Tuesday.But other crypto exchanges are also feeling the heat.

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