Bitcoin and Ethereum plunge to two-year low as Binance walked away from FTX deal

Following the FTX and Binance crisis, cryptocurrency market was hit severely, whereas Bitcoin and Ethereum plunged to multi-year low. Here are all the details of the crypto market.

The biggest coin of the cryptocurrency market, Bitcoin, plunged to two-year low as $15,550. Bitcoin has lost its value 27% since Saturday. Moreover, the biggest altcoin Ethereum was hit by latest crypto crisis as well. According to CMC data, Ethereum dipped to $1,070 area.

Before this crash, Binance had officially announced that it backed out FTX deal. "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com," a Binance spokesperson said.

Following this statement, cryptocurrency market saw another large-scale selling as the biggest cryptocurrencies plunged to their two-year low. However, the cryptocurrency market seems to be more stable as of now.

Bitcoin has recovered to $17,289 while Ethereum reached to $1,279 at the moment. Apart from these, another big token Solana (SOL) fell sharply to $12.70, due to high liquidation problems that being experienced for two days. The FTX Token (FTT) fell to $2,79 according to last CMC data.

To recall of last day's crisis, Binance CEO said “We did not master plan this or anything related to it," to imply that he is not the person who triggered the notorious FTX crisis. Binance CZ stated they had never thought buying FTX.