Why Bitcoin, ether, dogecoin, Solana, other crypto prices are crashing today
Cryptocurrency prices crashed today after crypto giant Binance signed a non-binding deal on Tuesday to buy FTX’s non-US unit to help cover a “liquidity crisis” at the rival exchange, in a stunning bailout that raised fresh concerns among cryptocurrency investors. The move is the latest bailout in the cryptocurrency world this year, as investors pulled out of riskier assets amid rising interest rates.
Major cryptocurrencies initially rallied on news of the deal on Tuesday, but those gains were quickly erased. The world’s largest and most popular digital token Bitcoin’s price today traded more than 12% lower at $18,204. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by more than 16% to $1,312.
The global crypto market capitalization today fell below $1 trillion, as it was down almost over 11% in the past 24 hours to $952 billion, according to CoinGecko.
“Most cryptocurrencies recorded double-digit losses in the past 24 hours, reacting to moves made by FTX and Binance. Bitcoin hit a yearly low of $17,166. Despite the US Fed’s rate hike, BTC has maintained an impressive performance by holding bar. above the $20,000 level, but it fell significantly on Tuesday. The second largest cryptocurrency, Ethereum, also fell to the $1,300 support level. Other top cryptocurrencies by market capitalization are also following a similar trajectory. The coming days will be decisive for the entire crypto spectrum,” said Edul Patel, CEO and Co-Founder, Mudrex.
Meanwhile, the dogecoin price today traded nearly 24% lower at $0.08, while Shiba Inu was also down about 15% at $0.000010. Other crypto prices’ performance today also fell as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Polkadot prices traded lower in the last 24 hours . FTT, the utility of crypto exchange giant FTX, collapsed by more than 75% to around $5.27, according to CoinGecko.
(With input from agencies)
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