Bitcoin Gold (CRYPTO: BTG) and Solana (CRYPTO: SOL) are trading lower by some 3.30% to $14.45 and 4.55% to $15.42 Friday afternoon. Several altcoins are experiencing ongoing, marked weakness and trading lower after crypto exchange FTX commenced Chapter 11 proceedings.
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Beleaguered cryptocurrency exchange FTX, its U.S. subsidiary FTX US, its sister firm Alameda Research and approximately 130 additional affiliated companies on Friday filed for Chapter 11 Bankruptcy in a United States court.
The stunning development comes as industry participants watched for Tron founder Justin Sun to potentially bail out the ailing exchange.
Hours earlier, Sun said he has entered into negotiations with FTX after Changpeng Zhao, CEO of Binance, walked away from the deal a deal to acquire the Bahamas-based FTX exchange...Read More
According to data from Benzinga Pro:
- BTG is lower by 20.58% over the trailing week
- SOL is lower by 53.66% over the trailing week