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The collapse of FTX sent shockwaves through the cryptocurrency industry. The price of bitcoin and other major digital coins fell sharply as problems at FTX surfaced.

Jakub Porzycki | Nurphoto | Getty Images

Bitcoin fell to a week-and-a-half low on Monday and dragged down other major cryptocurrencies as the impact of FTX’s dramatic collapse continued to ripple through the market.

According to Coin Metrics, Bitcoin was last down 4% to trade around $15,725.02. Earlier in the day, it fell to $15,586.94, its lowest level since November 10. Ether fell 8% to $1,081.56.

The cryptocurrency market has come under pressure over the past couple of weeks as issues at major exchange FTX came to light.

Since Nov. 6 — the day Binance CEO Changpeng Zhao said his exchange would liquidate its FTT tokens — the crypto market has lost over $260 billion in value.

FTT is FTX’s native crypto exchange token and Zhao’s decision to sell FTT triggered the collapse of FTX, which has since filed for bankruptcy. Binance was a rival of FTX.

FTX’s new CEO, John Ray said saturday whether the stock market is looking to sell or restructure its global empire.

The company owes its major creditors some $3 billion.

Ether drops 4% in a week, Bahamian regulator confirms seizure of FTX assets: CNBC Crypto World

Crypto markets remain nervous as it is unclear how the FTX saga will end and if there will be any further contagion in the industry.

“The market is in a wait and watch mode to see if there are any other entities that may fall as a result of exposure to FTX,” Vijay Ayyar, vice president of corporate development and vice president of business development, told CNBC. international to the Luno crypto exchange.

Investors were burned by a number of high-profile crypto failures this year which have caused significant ripple effects.

Learn more about technology and crypto from CNBC Pro

Earlier this year, the collapse of terraUSD, a type of cryptocurrency known as an algorithmic stablecoin, impacted a number of companies and contributed to the downfall of leading hedge fund Three Arrows Capital.

Amid the turmoil of FTX’s collapse, around $477 million worth of crypto assets were drained from the exchange’s accounts in a suspected hack, according to the blockchain analytics firm Elliptical. FTX acknowledged that “unauthorized transactions” had taken placebut did not give details of the amount of money moved.

Blockchain analytics firm Chainalysis said on Sunday that the stolen funds “are on the move.”

The hacker began dumping some of his ether holdings into other assets, according to public blockchain records of the account believed to be linked to the person. This could be one of the reasons why ether is falling more sharply than bitcoin.

“This obviously adds direct selling pressure on Ethereum and it has affected bitcoin and other tokens,” said Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank.



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