The price of Bitcoin fell below $17,000 for the first time in two years. BTC last reached this level in November 2020, according to TradingView. The Bitcoin crash occurs as the market crashes after the collapse of one of the world's leading exchanges, FTX. In two days, the market price of BTC fell by around 15%.

The market is basically in the red. With the exception of Bitcoin, most high-volume cryptocurrencies posted double-digit 24-hour losses. Solana leads the most affected current positions, excluding the FTT token on the FTX exchange.

The Collapse of Sam Bankman-Fried's Fortune

Sam Bankman-Fried, 30, has been named to Forbes' list of the world's richest people for 2021 and will still hold the top spot in 2022. His net worth of $24 billion ranks him 60th among the top billionaires according to the latest rankings. Enrolled in April of this year.

Those records show that his wealth came from the FTX exchange, which launched in 2019, and his investment fund, Alameda Research, which launched in 2017. But when rumors emerged last week that the two companies would go bankrupt, SBF further confirmed it. late with projections showing a sharp drop in his net worth. In the last few minutes, Sam Bankman-Fried has disappeared from Forbes' live-documented list of nearly 2,500 of the world's richest people.

According to Bloomberg estimates, he lost 94% of his net worth in one day. The market estimated Sam Bankman-Fried's net worth at $26 billion. But he predicted it would fall to $16 billion at the start of the week and then to $1 billion on the final day, which he said was the biggest collapse for a billionaire in 24 hours. As a result, SBF is predicted to lose most of his wealth, which he plans to donate to charity in accordance with his altruistic "make money" philosophy. Yet so far she hasn't followed through on the plan, except for a donation of less than 0.1% of his fortune, according to Forbes. Its goal is to reduce global poverty and improve the security of artificial intelligence.

FTX is falling, causing the cryptocurrency market to fall

The crisis facing FTX is affecting the cryptocurrency market, including Bitcoin (BTC), which has fallen to a two-year low. As reported by Criptonoticias, FTX Token FTT (FTX) has fallen by almost 90% in three days and fear has intensified in the ecosystem. In addition, the CEO of the largest cryptocurrency exchange, Binance, announced that they will buy FTX to face the liquidity crisis they are experiencing. According to CoinMarketCap and Web.Archive, in this case, FTX went from the third largest cryptocurrency exchange to the fourth largest by volume.