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Cryptocurrency

Bitcoin falls to 10%, hits multi-year low

Bitcoin is reportedly down to 10 per cent over the past 24 hours and now trading at $16,700

According to the Spectators Index in a post on its Twitter page, the drop is the lowest cryptocurrency has experienced since 2020.

However, crypto site, Barron’s, stated that the decline in the price of bitcoin and other digital assets came amid worries that an altercation between two of the crypto industry’s most important personalities could cause problems at the FTX exchange and spread to other markets.

After falling below $19,500 at the last selling trough, crypto sites stated that the price of Bitcoin has further declined in last 24 hours.

The biggest cryptocurrency is currently trading at its lowest point in two weeks after giving up gains that had helped Bitcoin rise above $21,500 in recent days, giving traders hope that the token had reached a bottom in this bear market, according to Barron’s.

Am Business reports that as of Wednesday, crypto billionaire and founder of FTX, Sam Bankman-Fried, experienced a 94 per cent loss of his entire crypto wealth, according to Bloomberg Billionaires Index.

Bankman’s net worth had decreased from $15.6 billion on Tuesday to approximately $1 billion on Wednesday.

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