Bitcoin Slides Anew After FTX Bankruptcy Filing

Cryptocurrencies across the board dropped sharply on news that troubled crypto exchange FTX filed for bankruptcy and CEO Sam Bankman-Fried left the company.

Bitcoin (BTC) dropped about 7% to a 24-hour low of $16,351 during early U.S. trading hours.

The decline partially reversed a big rally on Thursday, when a report showing slower-than-expected inflation in October gave bitcoin traders some relief. The largest cryptocurrency shot up about 10%, the biggest daily gain in two months.

The CoinDesk Market Index (CMI) of 162 digital assets dropped 3% on Friday, leaving it down 15% in November.

FTX token (FTT) dropped another 24%, and huobi token (HT), which briefly gained 400% on Thursday amid news that Tron-based tokens would be redeemed 1:1 from FTX, fell 14% on Friday. Dogecoin (DOGE) dropped over 10%.

Solana’s SOL token fell 4.6% to $16.66. The Solana blockchain was at times promoted by Bankman-Fried. Its token has been rocked by volatility over the past few days.