Bitcoin's down and FTX bankruptcy

Bitcoin is down nearly 20% in seven days to trade at $16,789 as a result of the FTX bankruptcy, which has caused market chaos and risk-off sentiment. Ethereum, the second-most valuable cryptocurrency, on the other hand, has plunged over 20% in the last seven days to trade at $1,252.20.

The global crypto market cap fell over 4% to $810.59 billion on the previous day, sending major cryptocurrencies into the red early on November 14. In contrast, the total crypto market volume increased over 12% in the last 24 hours to $60.78 billion.

We suppose everyone heard about FTX bankruptcy, so we are posting just the update.

On Tuesday morning, Sam Bankman- Fried, owner of cryptocurrency exchange FTX, took his workers by surprise with a grim communication about fall of crypto exchange.

Reason His advertisement half an hour before that FTX's main contender, Binance, was planning a shock preemption of its main trading platform to save it from a" liquidity crunch". The author of Binance, Changpeng “ CZ ” Zhao, whom the billionaire indicted of sabotage, will now be his White Knight.

The seeds of FTX's downfall were planted months before due to Bankman- Fried's miscalculations after he stepped in to save other crypto enterprises as the crypto request crashed amid rising interest rates, according to interviews with several people close to Bankman- Fried and preliminarily unreported reports from both companies.

Binance's advertisement on Wednesday of the preemption disclaimer. “ These issues are beyond our control or capability to help, ” Binance said. Zhao twittered, “ Sad day. Tried, ” with a whiny smiley face.

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