Bitcoin bounces slightly after hitting two-year low

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Bitcoinreversed higher on Tuesday after briefly hitting a two-year low, as investors assess potential damage still to come in the aftermath of FTX’s collapse.

The largest cryptocurrency by market cap was last trading higher by 2.5% at $16,204.92, according to Coin Metrics. Earlier in the day it fell to $15,480, its lowest level since Nov. 11, 2020. Ether rose 2.1% to $1,126.92.

The rebound followed reports that Justin Sun could potentially purchase assets from FTX. The crypto entrepreneur told reporters Tuesday that he and his associates “are open to any kind of deal” and “all the options are on the table.”

The cryptocurrency market has lost more than $1.4 trillion in value this year as the industry has been plagued with problems from failed projects to a liquidity crunch, exacerbated by the fall of FTX, once one of the world’s largest exchanges.