The Latest Breaking News from Bitcoin

The collapsed crypto exchange FTX said on Saturday that it was moving funds into offline storage following a series of “unauthorised transactions”, with analysts saying millions of dollars worth of assets had been withdrawn from the platform.

Bitcoin (CRYPTO: BTC) swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

The trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals.

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.

NFT collections are so far resisting headwinds from the collapse of the FTX and Binance acquisition deal after prices fell steeply in the immediate aftermath.

More major disappointment and failure has beset the crypto space this week.

Major coins regained buoyancy late on Thursday, after crashing a day prior, in wake of soft economic data released. The global cryptocurrency market cap shot up 8.85% to $880 billion at 8:41 p.m. EST. 

International exchange for crypto assets is in effect unregulated – and may have been built on sand