Cryptocurrency markets nursed heavy losses on Thursday, with bitcoin struggling to recover from a two-year low as investors fretted about the fallout from the implosion of crypto exchange FTX and the future of the industry.
FTX’s native token, FTT is down 90 per cent this week and was attempting to steady around $2 – not far above its record low around $1.50. Bitcoin fell below $16,000 for the first time since late 2020 overnight and was last at $16,700. “ is a big hole to plug,” he added. “The dagger will continue to hang over the crypto market, as long as the outlook of FTX’s fate remains unclear.”
“A top exchange failing – that’s on a different level,” said Danny Chong, CEO of decentralized finance firm Tranchess, with potentially wider ramifications than the failure of stablecoin TerraUSD and crypto hedge fund Three Arrows Capital this year. Investors are already writing off funds plowed into FTX. Venture capital fund Sequoia Capital wrote down a $150-million exposure to zero on Wednesday. Canada’s Ontario Teachers Pension Plan, Tiger Global and Japan’s Softbank are also FTX investors.
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