Crypto Price Today: Crypto Market Sinks As Binance Acquires FTX

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.

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Nidhish Shanker

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.

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