Bitcoin continues to trade in a tight range between $18,000 and $25,000, leaving investors nervous about where the price will go next. The crytpo market has been plagued with a number of problems from collapsing projects to bankruptcy.
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Cryptocurrencies continue to sell off Friday morning in the name of FTX announced it had filed for Chapter 11 bankruptcy United States
Bitcoin down 4% to $16,877.87, while ether lost 3.5% to $1,256.33, according to Coin Metrics. They are down 21% and 25% respectively for the week.
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Sam Bankman-Fried – CEO of the company has become a white knight to the industry, helping to bring cryptocurrency to the masses through his relationships with celebrities, agencies senior management and organization in addition to his exchange product – also resigned, according to a statement posted to FTX’s Twitter account on Friday.
Investors are still watching the demise of the three-year-old FTX and its sister company, trading firm Alameda Research, it is not yet clear how much of the damage will spread to the rest of the market.
FTX was valued at $32 billion in its last funding round. Some of the biggest names in finance – including SoftBank, BlackRock, Tiger Global, Thoma Bravo, Sequoia and Paradigm.
