Bitcoin drop to 11% this Wednesday after the purchase of FTX, a cryptocurrency exchange company

Crypto market is in danger again due to the reduction in value of bitcoin in the last 24 hours. The cryptocurrency drawdown is 11%, which the total market capitalization slid to $860 billion in the last 24 hours.

The cryptocurrency fell slightly to $17,000, which was the minimum price since 2020, and after spending weeks stable above $20,000 which is considered its support value, according to market reports.

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According to media specialized in Cryptocurrency, this fall occurred as a rebound effect, after the price rose, and the announcement that the largest global exchange Binance would buy FTX, a cryptocurrency exchange for traders, because of its liquidity problems.

When this type of companies, such as FTX, liquidate a large number of stable coins, it means that the ability to offer liquidity would be lost, and in an extreme case, the ability to offer trading to traders may be lost.

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The market is experiencing a sell-off as traders decide what to do with the news that changes the outlook. Earnings from investing or trading digital currencies are less secure than any other mean such as stocks and bonds.