Bitcoin price fell by more than 12 percent to touch $17,114 lows on crypto exchange Coinbase.

Bitcoin fell more than 12% Tuesday after the shocker news that Binance, headed by Changpeng Zhao had signed a letter indicating intent (LOI), for the acquisition crypto exchange FTX.

BTC falls below June 2022 lows as Bitcoin sells off

After an initial upswing in crypto market activity, there was a positive take. However, Bitcoin plunged to $17.114 on Coinbase.

The downside marks Bitcoin’s fall to its lowest price level since the crypto bloodbath in June, when the aftermath of the crash of Luna and Three Arrows Capital bankruptcy coincided with Bitcoin printing a low of $17,592.

With the sell-off crashing the FTX (FTT) token as much as 85% within hours on Tuesday – from highs of $22 to lows of $4.60 – other markets followed suit as uncertainty and fear reigned supreme.

Ethereum had dropped below $1,300, and Solana was being smoked close to $23.80 at time of writing.

Coinbase and Kraken both report connectivity issues

Meanwhile, Coinbase and Kraken both reported connectivity issues which only added to the negativity.

Kraken announced An investigation was conducted into reports that some users had connectivity problems on its website and via their mobile devices.

Coinbase is also available reported Issues with connectivity affecting Coinbase.com, Coinbase Pro, and Coinbase Prime platforms. An update the US-based crypto exchange posted an hour later noted improvement in network latency, but users were reportedly still having difficulty accessing the exchange’s various platforms.