Bitcoin price hits 2022 low as Binance eyes FTX takeover – follow live

Bitcoin saw its price fall by more than half between November 2021 and May 2022The price of bitcoin is currently hovering around its lowest level since January 2021 following a tumultuous few days for the crypto market.The chaos centres on the popular cryptocurrency exchange FTX, which saw a ‘significant liquidity crunch’ when customers rushed to withdraw billions of dollars worth of assets due to fears relating to its digital token FTT.As the world’s third largest exchange by trading volume, the uncertainty had repercussions for the rest of the market.Rival exchange Binance is currently seeking a rescue deal, with both FTX founder Sam Bankman-Fried and Binance CEO Changpeng Zhao, known as CZ, announcing a non-binding letter of intent for the takeover.’Our teams are working on clearing out the withdrawal backlog as is… But the important thing is that customers are protected,’ Mr Bankman-Fried tweeted.You can follow all the latest crypto news, price developments and market analysis in our live coverage below.1667992998Here’s what both Binance CEO CZ and FTX founder Sam Bankman-Fried had to say about the potential takeover, which would see the world’s largest cryptocurrency exchange by trading volume take over the world’s third largest.Anthony Cuthbertson9 November 2022 11:231667992729The big news today is whether or not Binance can secure a rescue deal to save FTX. Bosses from both exchanges appear to think that it is possible, though the market reaction suggests not everyone is convinced. Bitcoin is down more than 10 per cent over the last 24 hours, falling to its lowest level in nearly two years, while the overall crypto market is hovering around lows not seen since January 2021.You can read all about the latest developments in more detail right here:Binance seeks takeover of rival following surge in customer withdrawals and crash of FTT token Anthony Cuthbertson9 November 2022 11:181667992518to The Independent’s live coverage of today’s tumultuous crypto market. We’ll be bringing you all the latest on the potential Binance/ FTX takeover, as well as analysis and commentary from leading figures in the cryptocurrency space.Anthony Cuthbertson9 November 2022 11:15