Bitcoin drops below $17,500 as Coinbase/Kraken report issues

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Bitcoin price fell over 12% to touch low of $17,114 on crypto exchange CoinbassI,

Bitcoin It fell more than 12% on Tuesday as a stunned crypto world plunged into sell-off territory at the news that Binance, led by Changpeng Zhao, had signed a letter of intent (LOI). Acquisition of crypto exchange FTX,

Bitcoin Selling Pushes BTC Below June 2022 Lows

After an initial upward move for the crypto market amid a positive trend, bitcoin fell to a low of $17,114 on crypto exchange Coinbase.

The fall marks bitcoin’s lowest level since the crypto bloodbath in June, when bitcoin printed a low of $17,592 after the crash of Luna and Three Arrows Capital bankruptcy.

With the sell-off on Tuesday, the FTX (FTT) token fell as much as 85% within hours – from a high of $22 to a low of $4.60 – other markets followed suit as uncertainty and fear reigned supreme.

Ethereum was trading below $1,300 at the time of writing and Solana was smoking near $23.80.

Coinbase and Kraken report connectivity issues

Meanwhile, major crypto exchanges Kraken and Coinbase reported connectivity issues which only fueled the negative sentiment.

Kraken announced Investigating reports that some users were having connectivity issues on its website as well as through mobile.

coinbase too informed of Connectivity issues affecting its, Coinbase Pro and Coinbase Prime platforms. One Update The US-based crypto exchange noted an improvement in network latency an hour later, but users were reportedly having difficulty accessing the exchange’s various platforms.

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