Bitcoin has recovered marginally after falling below $16,000 as a result of the rejected purchase transaction between the largest cryptocurrency exchange Binance and its competitor FTX, as per trading statistics on Thursday.

Bitcoin was trading at $16,670 on Binance as of 06:00 GMT, and $16,716 on Coinmarketcap.

Following Binance's announcement on its website that the acquisition of FTX would not take place, Bitcoin went below $16,000 for the first time since November 2020.

Binance said on November 6 that it would sell its FTT, an FTX-issued token, due to a low FTX balance. In response, FTX CEO Sam Bankman-Fried asserted that FTX maintains "audited financials" and that the media only spread "unfounded rumors."