Bitcoin Drops to $16K, Reaching New Two-Year Low

Bitcoin Drops to $16K, Reaching New Two-Year Low

Bitcoin

The price of Bitcoin, the world’s largest cryptocurrency, dropped to a new two-year low of $16,936 earlier today on the Bitstamp exchange.

Bitcoin Drops to $16K, Reaching New Two-Year Low

At press time, the largest cryptocurrency is trading at $17,253 after paring some losses.

According to data provided by CoinGlass, $891.75 million worth of long and short positions has been liquidated over the past 24 hours alone.

The cryptocurrency market has been hit hard by FTX’s sudden unraveling.

Bitcoin is now down 75.31% from its record high that was achieved roughly a year ago.

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