Why Are Bitcoin And Other Cryptos Falling Today?

Why Are Bitcoin And Other Cryptos Falling Today?

Bitcoin BTC/USD is down almost 4%. Several popular crypto coins are trading lower during Friday's session after cryptocurrency exchange FTX filed for bankruptcy in the U.S.

Sam Bankman-Fried, the company's CEO and founder, has also stepped down but will "assist in an orderly transition."

What Happened?

The development after Tron founder Justin Sun said he is prepared to infuse capital to rescue FTX as Binance walked away from the deal to acquire FTX, citing corporate due diligence, alleging mishandled customer funds, and U.S. agency investigations against the Bahamas-based exchange.

According to data from Benzinga ProBitcoin is trading lower by 3.98% to $16,899.95. Ethereum ETH/USD is trading lower by 2.96% to $1,260.46. Dogecoin DOGE/USD is down 7.68% at $0.08.

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