- Cryptocurrency prices today struggled amid the ongoing crisis sparked by the downfall of FTX
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading more than 4% lower at $15,973, slipping below the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by more than 8% to $1,118.
The global crypto market cap today remained below the $1 trillion mark, as it over 5% lower in the last 24 hours to $828 billion, as per the data by CoinGecko, as cryptocurrency prices continued to struggle in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire.
“Bitcoin, Ethereum, and most cryptocurrencies continued to trade low due to the intense selling pressure over the weekend. If buyers can push the price of BTC above the overhead trendline, we might see an upward trend. On the other hand, Ethereum also dipped by 8% over the weekend. If the selling pressure does not subside, we may see ETH drop to $1,080. ETH will likely remain under the bearish threat until the price remains below the trendline,” said Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex.
Meanwhile, dogecoin price today was trading over 11% lower at $0.07 whereas Shiba Inu was also down over 7% at $0.000008. Other crypto prices’ today performance also declined as Binance USD, Avalanche, Tether, XRP, Terra, Tron, Litecoin, Stellar, Chainlink, Polkadot, Solana, Uniswap, Polygon, ApeCoin, Cardano prices were trading with cuts over the last 24 hours.
The implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world’s biggest crypto exchanges, and prompting investigations by regulators in several countries.
FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.
(With inputs from agencies)
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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