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AP National News

Cryptocurrencies slump again amid fallout from FTX sale

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Published 7:12 am

Associated Press

NEW YORK (AP) — Bitcoin slumped to a two-year low and other digital assets sold off Wednesday following the sudden collapse of crypto exchange FTX Trading. A day earlier, FTX agreed to sell itself to Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital. Bitcoin traded around $17,645, and overnight fell to its lowest level since December 2020. Just a year ago, bitcoin hit an all-time high of $68,990. Ethereum, the second most actively traded digital currency, fell 10%. Crypto exchange Coinbase and the online trading platform Robinhood also fell in early trading.

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