Crypto Trades in Red; Bitcoin, Ethereum and Dogecoin Fall
The cryptocurrency market sees a new low on Sunday as it dips by 3.81% to $804.37 billion. Following the FTX’s turmoil, the two most significant cryptocurrencies Ethereum and Bitcoin were trading in red on Sunday evening with shrinks of 6.35% and 3.27% respectively. The current price of 1 Bitcoin is $16,108.85 which is lower by 3.14%. With a 6.28% dip, the Ethereum coin is at $1,123.28. Dogecoin had to face a huge loss, as it drops from 8.7% to $0.07.
The FTX Story
The major reason for the crash of FTX has been the mismanagement of funds and liquidity management. There were also vast withdrawals by discomposed investors followed by a hacker stealing their coins. The native token of FTX, FTT went crashing in the second week of November.
Meanwhile, the hacker who allegedly stole approximately $600 million, has been trading the coins in other blockchain-based tokens representing Bitcoin, renBTC. With at least 228,523.83 Ether, it is currently the 35th largest Ethereum holder in the world. FTX has asked help from its peers to trace the hacker.
Fan tokens on a low
The national team football tokens for the ongoing world cup have also fallen. Even the fan token, CHZ plummeted by 14% despite the World Cup in action. The other fan tokens are facing the heat as well.
Predictions for the coming days in the Crypto World
A bear market rally is near, as the experts predict. Predictably, the crypto market will recover as the bear market rally nears. The pseudonymous crypto analyst Capo, in his recent Twitter post, has predicted that Bitcoin will bounce back again and it’s just a matter of time. Capo has been making predictions about Bitcoin. His comments about the fall of Bitcoin have come true. He has also tweeted today, that the week is going to be a decisive week and capitulation has started.
Also Read: Binance Refuses Any Investment to Save Crypto Lender Genesis, Bankruptcy Ahead?
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