Bitcoin has dropped to a two-year low after the world’s largest cryptocurrency exchange backed out of a deal to save its smaller rival. Bitcoin fell below $16,000 (£14,049) for the first time since 2020 on Thursday, as investor confidence was shaken by the news. Ethereum, another popular digital coin, fell before recovering. Following news that Binance is pulling out of the planned acquisition deal, FTX’s token has dropped 58% in the last 24 hours to around $2.28. According to CoinGecko price data, FTT is now down 91% for the week and 97% from its all-time high of $84.18 in September 2021, following the turbulent last few days.
