Bitcoin has taken the biggest nosedive in months amid an ongoing crisis in the crypto markets.
Having agreed to rescue the FTX cryptocurrency exchange following a crushing bank run, Binance has pulled out of the deal, seemingly after acknowledging the dire state of its former competitor's financials.
Withdrawals remain frozen on the FTX platform and while bitcoin itself is largely unaffected, it has shaken confidence in the already tenuous marketplace.
Now changing hands below US$16,700, bitcoin is down 18% week on week; its lowest point since November 2020.
Ethereum has crashed nearly 25% in the past week to four-month lows on US$1,100.