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Bitcoin sinks to new yearly low of $16.8k as FTX insolvency fears become contagion.

Crypto markets crumbled for another day as fallout from FTX’s liquidity woes continued to weigh on investor sentiment.

Bitcoin (BTC) price fell to a new annual low of $16,800 as anonymous unconfirmed sources suggested that after a closer review of FTX’s books, Binance could back out of the deal to buy the beleaguered exchange.

Bitcoin sinks to new yearly low of .8k as FTX insolvency fears become contagion.
Performance in the crypto market. Source: Coin360

Another factor that has a potential impact on the market is a wave of subsequent liquidations in Solana̵[ads1]7;s decentralized financial markets. Earlier in the day, cryptocurrency exchange e-mail users to inform them that all Solana-based USD Coin (USDC) deposits were suspended.

A message on the website also said:

“Please be informed that we have suspended deposits and withdrawals of USDC and USDCT on the Solana Blockchain in the App and Exchange.”

At the time of writing, the price of Solana’s native SOL (SOL) coin is down 34%, trading at $16.10. FTX’s native FTX Token (FTT) is also down 32% on the day, trading at $3.78.

Data from Coinglass shows $832 million in total liquidations in the last 24 hours, and many traders expect the number to rise.

Total daily liquidations of the crypto market. Source: Coinglass

Related: Galaxy Digital reveals $77M exposure to FTX, $48M likely locked in withdrawals

For further history on what’s going on with FTX, click here to see Cointelegraph Markets’ explanation of the situation.