Home NEWS Bitcoin falls to a two-year low

Bitcoin falls to a two-year low

Bitcoin falls in value. Image: Pixabay

Bitcoin has fallen to a two-year low after cryptocurrency platform Binance renounced the purchase of FTX

The cryptocurrency platform, Binance, has given up on its purchase of FTX, a main exchanger of this type of cryptocurrency. The acquisition seemed affordable, however, after the analysis of the FTX accounts and in the face of potential investigations by the US authorities, Binance is not able to face its economic difficulties.

Binance announced the intention to help FTX  in the face of liquidity problems, however, its CEO,  Changpeng Zhao, already warned that the operation should undergo an exhaustive study and that it could be withdrawn at any time from the agreement.

A spokesperson for Binance confirmed, “As a result of corporate due diligence, as well as recent news reports of mishandling of customer funds and alleged investigations by US agencies, we have decided that we will not pursue the potential acquisition of FTX.com.”

The uncertainty over FTX has had a direct impact on Bitcoin. Since November 2020, bitcoin had not fallen to levels as low as this Thursday, November 10.

Specifically, the cryptocurrency fell 5.84%  at 10:40 a.m. to $16,727  (a similar figure in euros), which is at the levels of November 1, 2020. For its part, the second best-known cryptocurrency,  Ethereum,  plummeted 5.22% and was trading at around 1,197 dollars at that time (a similar figure in euros), a level it has not reached since June of this year.

Binance is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. FTX is a Bahamian cryptocurrency exchange.

Previous articlePolice in Estepona make arrest in 80 million alcohol tax fraud
Next articleSpanish air taxi completes its maiden voyage


Please enter your comment!
Please enter your name here