Crypto Market Sinks As Binance Acquires FTX

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Cryp­to Price Today Lat­est Updates: The cryp­to mar­ket is fac­ing extreme­ly bear­ish con­di­tions as the FTX cri­sis con­tin­ues to unfold. Bit­coin prices fell by more than 8% in the last 24 hours. This brings BTC’s week­ly loss to more than 10%. It is cur­rent­ly trad­ing at Rs. 14,95,988.

How Are The Altcoins Performing

The alt­coins are extreme­ly bear­ing as the FTX cri­sis has erased all the gains from the mar­ket. Ethereum is even more bear­ish than Bit­coin as it fell by more than 11% in the last 24 hours. ETH has fall­en by 17.5% in the last week and is cur­rent­ly trad­ing at Rs. 1,07,071. It is fac­ing the threat of plum­met­ing below the $1.3K mark again.

Solana is one of the biggest losers of the cryp­to mar­ket. Experts believe that Solana is one of the cryp­tocur­ren­cies that are the most affect­ed by the FTX cri­sis. $SOL is down by 19.21% in the last 24 hours and by 31% in the last 7 days. It is cur­rent­ly trad­ing at Rs. 1796 but the bear­ish sen­ti­ments will almost cer­tain­ly plum­met the prices more.

Car­dano remains one of the most volatile cryp­to assets and has fall­en by 5% in the last 24 hours. How­ev­er, $ADA has surged by over 2% in the last hour. It is cur­rent­ly trad­ing at Rs. 29.93.

Meme coins Doge­coin and Shi­ba Inu are also suf­fer­ing from the Binance-FTX back­drop. $DOGE has fall­en by 15% in the last day while $SHIB is down by 8%. How­ev­er, both coins have shown some strength in the last hour. $DOGE surged by over 3% and is trad­ing at Rs. 7.

Poly­gon fell below the $1 mark again as the cryp­to mar­ket plum­met­ed. $MATIC fell by 13% in the last 24 hours and is trad­ing at Rs. 80.

Why Is Crypto Price Down Today

The cryp­to mar­ket is strug­gling as Binance acquires its biggest com­peti­tor in FTX. Binance CEO CZ also revealed a liq­uid­i­ty cri­sis in the FTX bal­ance sheet. The con­cerns about the insol­ven­cy of Alame­da are also extreme­ly high. The midterm elec­tions in the US today and the CPI data will add to the volatility.

Nid­hish is a tech­nol­o­gy enthu­si­ast, whose aim is to find ele­gant tech­ni­cal solu­tions to solve some of soci­ety’s biggest issues. He is a firm believ­er of decen­tral­iza­tion and wants to work on the main­stream adop­tion of Blockchain. He is also big into almost every pop­u­lar sports and loves to con­verse on a wide vari­ety of topics. 

The pre­sent­ed con­tent may include the per­son­al opin­ion of the author and is sub­ject to mar­ket con­di­tion. Do your mar­ket research before invest­ing in cryp­tocur­ren­cies. The author or the pub­li­ca­tion does not hold any respon­si­bil­i­ty for your per­son­al finan­cial loss.

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