Bitcoin lost significant value on Tuesday. The largest internet currency by market volume temporarily collapsed by more than 17 percent on the Bitstamp trading platform to its lowest level since November 2020. Bitcoin was last listed eleven percent lower at 18,309 US dollars.
A mega-takeover is looming in the crypto industry, with the world’s largest digital currency exchange, Binance, looking to take over most of rival FTX’s business. “This afternoon FTX asked for our help. There is a significant liquidity squeeze,” Binance CEO Changpeng Zhao tweeted on Tuesday. After Zhao himself sowed doubts about FTX’s cash reserves with a tweet on Sunday, enormous funds were withdrawn from the trading platform in the past few days.
