Bitcoin Hits Another 2-Year Low as Market Raises Concern about Crypto Space

Bitcoin fell to a two-year low on Tuesday as investors continued to retreat from cryptocurrency space following the collapse of major exchange FTX.

Bitcoin fell to $15,480, its lowest level since November 11, 2020, while the crypto market collectively lost more than $1.4 trillion in value this year as one after another crypto platform went bankrupt from exposure in crypto trading or fraud, while a series of rate hikes by the Federal Reserve also caused crypto investors to pullback.

Ether was trading at $1,089.42, down around 3.5%. The world’s largest crypto exchange coinbase traded 8.9% lower on Monday as investors digested the potential impact from FTX.