Crypto prices plunge on concerns about the FTX exchange

Bitcoin was down 4% at $19,750, recording its biggest daily losses in the last two months, while ether plunged 5%

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Cryptocurrency prices bounced today as investors are concerned by talk of financial stress on the major exchange FTX.

Bitcoin retreated 4% to $19,750, recording its biggest daily losses in the last two months, while Etherum plunged 5%.

FTX is under pressure after the head of another major crypto exchange, Binance, said his company would liquidate its holdings in FTX currency due to “recent revelations”.

FTX founder calls rumors false

FTX founder Sam Bankman-Fried, for his part, said that the exchange is “in order” and that the concerns are based on “false rumors”.

However, FTX’s currency slumped 15% to $18.76, while data from Nansen shows net daily outflows of $630 million from FTX.

“It looks like investors are selling assets or making withdrawals, it’s probably going to be a tough week,” said the sales director of digital assets firm, Amber Group.

Crypto fans raised questions on Twitter last week about FTX’s currency after CoinDesk published a report on a balance sheet from Alameda Research, a trading firm that has close ties to FTX.

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