Bitcoin was last lower by 4% to trade around $15,725.02, according to Coin Metrics

Bitcoin dropped to a week-and-a-half low on Monday and dragged down other major cryptocurrencies, as the impact from the dramatic collapse of FTX continued to ripple through the market.

Bitcoin was last lower by 4% to trade around $15,725.02, according to Coin Metrics. Earlier in the day it fell as low as $15,586.94, its lowest level since Nov. 10. Ether fell 8% to $1,081.56.

The cryptocurrency market has come under pressure over the last two weeks as problems at major exchange FTX came to light.

From Nov. 6 — the day Binance CEO Changpeng Zhao said his exchange would liquidate its FTT tokens — the crypto market has lost more than $260 billion of value.

FTT is the native token of FTX’s crypto exchange and Zhao’s decision to sell FTT sparked the collapse of FTX, which has since filed for bankruptcy. Binance was a rival to FTX.

FTX’s new CEO John Ray said on Saturday that the exchange is looking to sell or restructure its global empire.

The company owes its largest creditors some $3 billion.

Crypto markets remain on edge because it is unclear how the FTX saga will end, and whether there will be further contagion across the industry.

The market is in wait and watch mode to see whether there are any other entities that could fall as a result of being exposed to FTX, Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.

Investors have been affected by a number of high-profile crypto failures this year which have caused significant ripple effects.

Earlier this year, the collapse of terraUSD, a type of cryptocurrency known as an algorithmic stablecoin, had knock-on effects on a number of companies and contributed to the fall of major hedge fund Three Arrows Capital.