FTX Drops Motion; Bitcoin Nosedives Amid Market Liquidations
FTX Drops Motion; Bitcoin Nosedives Amid Market Liquidations
The FTX Recovery Trust has withdrawn a motion to limit payouts to creditors in restricted countries, a development in its ongoing bankruptcy proceedings. Concurrently, the broader crypto market experienced significant liquidations totaling $1.3 billion, as Bitcoin's price plunged below $104,000, prompting market participants to view the $100,000 level as a critical support.
The FTX Recovery Trust dropped a motion to limit payouts to creditors in countries including China, which holds about $380 million in claims.
Over $1.3 billion was wiped out across the crypto market as traders shifted their focus to $100,000 as the last line of defense for Bitcoin.