As major crypto exchange FTX is teetering on the edge of bankruptcy, Bitcoin has fallen to its lowest level in almost two years.

Bitcoin fell 12% Wednesday, to below $16,000 per coin, the lowest price it has seen since November of 2020 according to trading data. On Thursday it recouped some losses in early trading but was still down more than 8% for the day, setting at $16,665 at about 8:00 GMT.

Other cryptocurrencies were also trading down, as all cryptos historically tend to move together.

The fall in crypto prices came after news broke that popular crypto exchange FTX has experienced a liquidity crisis. As word broke, Binance, a rival exchange, and the largest crypto exchange in the world, agreed to rescue FTX by taking it over. However Binace withdrew from the deal late Wednesday, citing concerns over FTX’s business practices, as well as regulatory probes which were being opened into the exchange.

A Binance spokesperson told CoinDesk, “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.” He added that FTX’s issues were “beyond our control or ability to help.”

Following Binance’s statement, the FTC token, the native cryptocurrency of the trading platform, fell 40% in value, putting it down 93% since news of FTX’s troubles first broke earlier in the week.

CEO Sam Bankman-Fried has seen his estimated wealth fall amid the crisis, dropping  nearly 94% in one day to $991.5 million.

FTX has warned, that with an $8 billion shortfall, it will have no choice but to go bankrupt without a rescue plan. Analysts fear this will diminish investor trust in the crypto industry, coming on the heels of the bankruptcies of crypto-lending company Celsius, hedge fund Three Arrows Capital, as well as the collapse of blockchain ecosystem Terra. That may mean that the fall in crypto may have a ways to go before reaching bottom.