Bitcoin briefly traded below $17,000 as doubts about whether Binance would follow through on its announced plan to purchase FTX.com continued to roil markets.

Bitcoin hit a low of $16,913 on Coinbase, according to TradingView data, before recovering and trading at $17,169 at 11:06 a.m ET amid significant price volatility.

BTCUSD Chart via TradingView

The latest leg down came after a report by CoinDesk, citing a single person familiar, that Changpeng Zhao's exchange is unlikely to complete the acquisition after an early examination of FTX's finances.

The crypto market this week has gyrated sharply around the news of crypto exchange FTX's collapse and subsequent prospective deal to sell itself to Binance. Numerous crypto assets, including bitcoin, have declined in value, with bitcoin shedding 10% since Tuesday, as The Block previously reported.