Bitcoin is down 10.5 percent Thursday morning, trading at just above $16,000 after major cryptocurrency exchange Binance dropped its takeover of rival FTX, trading data show.

Calculating the average price across more than 20 exchanges, bitcoin was down 10.5 percent to $16,341,000. And on the largest cryptocurrency exchange by trading volume, Binance, bitcoin was down 10.6% - to $16,361.

On Wednesday night, bitcoin fell below $16,000 per coin for the first time since November 2020.