Bitcoin price drops to its lowest level in 2 years

The bankruptcy of FTX continues to put pressure on the crypto market. The price of the most popular crypto, Bitcoin, dropped to its lowest level in 2 years.

On November 22, Bitcoin hit its lowest price at $15.4 thousand. The entire market cap sank below $813 billion.

A new decline in prices of digital currencies occurred amid Bloomberg’s report on the possible bankruptcy of crypto prime broker Genesis. The company is a counterparty to many crypto projects.

The lack of liquidity of the crypto broker was revealed after FTX’s bankruptcy. Genesis shuttered withdrawals shortly after it was revealed that $175 million belonging to the company was frozen on the FTX’s trade account.

Despite the news about the possible bankruptcy of Genesis, the company did not confirm this information. The representatives said that the company has no plans to file for bankruptcy in the near future. Genesis’ current goal is to resolve this situation consensually without the need for any bankruptcy filing. Now the company continues to conduct constructive talks with potential creditors.

Despite this price drop, the difficulty of Bitcoin mining continues to grow. According to BTC.com, mining difficulty increased by 0.51%, setting a new historical maximum of 36.95 T. The average hashrate has been at the level of above 260 EH/s for about six weeks.

In total, the market cap has decreased by $1.4 trillion this year, as the crypto industry has faced various problems, starting from unsuccessful projects and ending with the collapse of major companies such as FTX.