Bitcoin plummeted to a two-year low after Binance refused to buy FTX

Cryptocurrency exchange Binance has changed its mind to buy a competitor FTX, after which the cryptocurrency market collapsed once again for the year.

Here's What We Know

For the first time in two years, the value of the world's largest cryptocurrency fell below the $16,000 mark. Thus, on the evening of November 9, the price of BTC was $15,625. Bitcoin pulled other cryptocurrencies as well. In particular, Ethereum fell in price to $1128.

Binance dropped its acquisition of FTX after it conducted a due diligence review of its rival's reporting. The largest exchange argued its decision to cancel the takeover of FTX due to the misuse of funds and a possible investigation by the Securities and Exchange Commission (SEC).

The total market capitalization of cryptocurrencies in the evening of November 9 was $ 914 billion, only for the day the figure declined by more than 10%.

Source: Coinmarketcap, Coindesk