Crypto markets sag as funds drained from FTX switch out of ether

FILE PHOTO: Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK: Cryptocurrency prices are struggling in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire.

The largest token bitcoin has shed about 2.5% over two days, while second-ranked ether is roughly 6% lower. Meme token dogecoin – an arbiter of the most speculative animus in an already racy digital playground – is down 12%.