Why is Bitcoin price down today?

Why is Bitcoin price down today?

BTC/USD
-10.29%

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After topping the $21,500 mark on Nov. 4, Bitcoin (BTC) price is down by 14% on Nov. 8, reaching a new yearly low at $17,166 — and most altcoins are following suit.

While the Binance and FTX news initially caused an uptick in the market, the day turned south as various unconfirmed sources speculated that FTX’s losses could show a $6 billion deficit.

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