Bitcoin (BTC-USD) has dropped 2.9% in the last 24 hours, threatening to sink below $16K as crypto exchange FTX’s collapse continues to dominate sentiment in the crypto markets.
BTC, the world’s largest cryptocurrency, traded at $16.08K at about 8:02 AM ET, its lowest point since November 2020.
FTX and its related companies, which filed for Chapter 11 on Nov. 11, owe almost $3.1B to its 50 biggest creditors, with $1.45B owed to its top 10 creditors, according to media reports citing court filings. The filing didn’t name the creditors.
On Saturday, FTX Trading and ~101 affiliated companies said it’s starting a review of its global assets to begin to maximize recoverable value for stakeholders. FTX Debtors have hired Perella Weinberg Partners and started preparing some businesses for sale or reorganization.
“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” said FTX CEO John J. Ray, III.
Crypto-related stocks were also hit in Monday premarket trading. Crypto exchange Coinbase Global (COIN) stock slid 6.5%, Marathon Digital (MARA) -5.1%, Riot Blockchain (RIOT) -4.3%, Hut 8 Mining (HUT), -5.6%, and MicroStrategy (MSTR) -2.1%.