Bitcoin drops to 1-week low, ether slides 7% as FTX collapse ripples through crypto market

The collapse of FTX has sent shockwaves through the cryptocurrency industry. The price of bitcoin and other major digital coins have fallen sharply as problems at FTX emerged.

The impact from the collapse of FTX continued to trickle through the market as major cryptocurrencies fell sharply on Monday.

At 3:40 a.m., the virtual currency was down 3.6%. According to data from coin desk. The price of ether dropped to $1,120.61

Over the last two weeks, the market has been under pressure due to the issues at FTX.

More than $260 billion of the market's value has been lost since Nov. 6, when the CEO of the exchange said his exchange would liquidate its token.

The collapse of FTX was caused by the decision to sell FTT, the native token of FTX. FTX was a competitor.

John Ray said on Saturday that the exchange is looking to sell or restructure.

The company owes a lot of money to its biggest creditor.

It's not clear how the FTX saga will end, and whether there will be more market turmoil.

The market is waiting and watching to see if any other entities will fall as a result of being exposed to FTX.

There have been a number of high-profile failures in the space this year which have hurt investors.

The fall of Three Arrows Capital, a major hedge fund, was caused by the collapse of terraUSD, a type of digital currency.

In the aftermath of the FTX collapse, around $477 million in coins were taken from the exchange's accounts. FTX did not say how much money was moved.

The stolen funds are on the move, according to Chainalysis.