Crypto markets extended losses on Friday morning after FTX Group said it has commenced bankruptcy proceedings in the U.S. and that Sam Bankman-Fried has resigned as chief executive officer.
Bitcoin dropped as much as 8% to $16,376 as of 9:34 a.m. in New York. The largest digital asset by market cap had jumped 13% on Thursday as the latest CPI print came in lower than expected, fueling expectations that the Federal Reserve would slow the pace of interest-rate hikes.
Ether fell as much as 9.2%. FTX’s FTT token declined up to 50% on Friday.
