DThe cancellation of the FTX.com acquisition announced just a day earlier pushed Bitcoin near $16,000 on Wednesday. The market’s largest and oldest digital currency recently fell to $ 16,148.
In the morning, the course was temporarily more than $ 18,000. Subsequently, speculation about the bursting of the takeover had already caused Bitcoin to fall below $17,000.
The price losses were triggered by renewed concerns about the stability of the comparatively young crypto sector, which arose on Tuesday. Following reports of liquidity problems at major trading venue FTX, rival Binance announced a partial takeover of the competitor.
Accordingly, there are said to have been significant outflows of funds from investors at FTX. Before the reports, Bitcoin was still trading at over $20,000 on Tuesday.
According to corresponding press reports, Binance confirmed on Wednesday shortly before the close of the US stock exchanges that the takeover of FTX.com had been called off. The trading platform’s difficulties exceeded the company’s ability to assist, it said in a statement.
“There are obviously doubts that a liquidity crisis and the associated risk of contagion for the industry cannot be averted after all,” expert Timo Emden from Emden Research wrote before Binance’s statement. If prices continue to fall, quite a few companies are likely to face existential fears.