Bitcoin and Ethereum slide with crypto exchange Genesis on the brink

Bitcoin and Ethereum have continued to slide with traders concerned that other crypto exchanges could follow after the collapse of FTX. The largest coin by market cap, Bitcoin, lost 6.6% to US$15,727 within the last trading day.

Ethereum fell by 14% to US$1,089 since this time yesterday morning.

According to Naeem Aslam, a market analyst at Avatrade, news that crypto exchange Genesis needs a US$1bn capital injection “shows how interconnected this whole world of crypto really is.”