Bitcoin price – live: Crypto market sees bounce as FTX boss outlines next steps
The price of bitcoin has bounced back from a two-year low after the boss of the beleagured FTX cryptocurrency exchange apologised for his role in the crash and outlined his plans to rescue his company.
FTX suffered a “significant liquidity crunch” this week when customers rushed to withdraw billions of dollars worth of assets due to fears relating to its digital token FTT.
As the world’s third largest exchange by trading volume, the uncertainty had repercussions for the rest of the market.
Rival exchange Binance initially sought a rescue deal, with both FTX founder Sam Bankman-Fried and Binance CEO Changpeng Zhao, known as CZ, announcing a non-binding letter of intent for the takeover.
“Our teams are working on clearing out the withdrawal backlog as is... But the important thing is that customers are protected,” Mr Bankman-Fried tweeted.
However this fell through late on Wednesday.
You can follow all the latest crypto news, price developments and market analysis in our live coverage below.
Binance seeks rescue deal for FTX
The big news today is whether or not Binance can secure a rescue deal to save FTX. Bosses from both exchanges appear to think that it is possible, though the market reaction suggests not everyone is convinced.
Bitcoin is down more than 10 per cent over the last 24 hours, falling to its lowest level in nearly two years, while the overall crypto market is hovering around lows not seen since January 2021.
You can read all about the latest developments in more detail right here:
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