Bitcoin is getting dangerously close to collapsing below $17,000.

The price of bitcoin collapsed to its yearly low amid the FTX drama. The price of bitcoin collapsed to a yearly low of $17,114 before cutting its losses.

The largest crypto-currency is now down as much as 15.7% over the past 24 hours.

The crypto-currency market has been hit hard by the FTX drama. Binance agreed to acquire its longtime rival earlier today, after having turned out to be that the exchange was secretly insolvent.

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Charles Hoskinson, founder of Cardano reacted to the latest market drop in a recent tweet, joking that the ADA token was “very zen“. However, the ADA token is down 14.3%.

Meanwhile, the FTX (FTT) token has collapsed by 80% in the last 24 hours alone. More than $854 million worth of crypto has been liquidated in the last 24 hours.

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