Cryptocurrency Prices Plunge Following FTX Bankruptcy


Cryptocurrency Prices experienced significant losses this week due to the bankruptcy filing of FTX, a major crypto exchange. On Friday, Bitcoin tumbled 25% to near two-year lows, while Ethereum dropped 32% to its lowest level since June of last year. The fourth largest crypto exchange has been the focus of much discussion in the media lately, due to its relationship with sister trading house Alameda Research? and Binance, as well as the abandonment of the proposed buyout by FTX’s former CEO Sam Bankman-Fried. Keep up with the latest regarding the FTX bankruptcy with this week’s cryptocurrency wrap-up.


Be sure to stay up to date on the latest news regarding ETFs such as BITQ, BLOOK, and BITS. Those new to the world of Bitcoin and Ethereum can find more information on our What Is Cryptocurrency page.

Cryptocurrency News: Price Action

On average, Bitcoin settled at $16,700 on Friday, which was a sizeable decline from the $18,100 it was trading at the day before FTX announced bankruptcy. The world’s largest cryptocurrency had made a brief recovery to the $21,000 level over the weekend, but the CPI report released this week sent prices tumbling back down to its lowest point since November 2020. According to ARK Invest’s Monthly Bitcoin report, technical support for Bitcoin is below $18,814, and the price has been trading between that level and a ceiling of $23,460 for the past three months.

Ethereum was also hit hard, with prices stalling at around $1,250 on Friday afternoon, after nearly reaching the $1,300 mark the day before. Over the weekend, Ethereum had made it as high as $1,650 before dropping to $1,100 by week two.

Cryptocurrency Prices Heat Map: