Crypto Price Today Live: Bitcoin Falls Below $16K; Solana, BNB, Avalanche tank up to 35%
A deal for major cryptocurrency exchange FTX collapsed on Wednesday when rival Binance said it pulled out after conducting due diligence on the proposed acquisition. This raised concerns in the digital token space.
Apart from US dollar-pegged stablecoins, all the top crypto tokens continued to bleed. Solana fell 35%, while BNB and Avalanche both fell 12% each. Bitcoin, Etheruem and Polygon plunged 10% each.
The global cryptocurrency market capitalization plummeted to $825 billion, falling as much as 9% in the past 24 hours. However, total trading volume fell over 11% to $189.56 billion.
Expert take
This week, the global cryptocurrency market has hit new lows after Binance decided to withdraw from the FTX deal, said Prashant Kumar founder and CEO weTrade. “Bitcoin hit a two-year low and is trading at $16,000,” he said. “Meanwhile, Ethereum is trading near $1,100. Similar trends can be seen in other cryptocurrencies that have seen heavy losses in the past two days,” he added.
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Global updates
Cryptocurrency-exposed stocks continued their slide on Wednesday amid concerns about FTX’s financial health as Binance confirmed on Wednesday afternoon that the exchange scrapped its letter of intent to acquire rival exchange FTX.
An old-guard rival of FTX from the derivatives markets tried to drive a bet through the heart as the crypto company struggled to save itself from financial disaster.
Betting on Sam Bankman-Fried (SBF), the once beloved poster boy and “white knight” of crypto was supposed to be safe. But recent events have shown that is far from the truth.
The majority of FTX’s legal and compliance teams have quit, Semafor reported, citing people familiar with the matter. That could create headaches as the cryptocurrency exchange deals with a liquidity crisis and potential regulatory scrutiny.
Bitcoin fell to a two-year low on Wednesday as crypto traders processed the news that the Binance exchange backed out of an earlier plan to buy its once-mighty but suddenly ailing rival FTX.
Tech View of Giotto’s Crypto Platform
It may have been the most exciting week for Bitcoin (BTC) since its invention, and not necessarily in a positive way. Backed by negative news and uncertainty – from Alamdea’s bankruptcy to FTX’s withdrawal halt and the subsequent canceled Binance takeover, to even the US mid-term elections, BTC has been on a downward trend.
Today it hit a 2-year low near the $15,500 mark. With several broken supports and persistent fear in the market, it is important to identify possible bottoms. If the current low of $16,000 holds in the near term, Bitcoin could see some short covering and a relief rally that could see it target immediate resistances at $16,900 and $17,800.
A CONTRIBUTORRefusal from here could see it visit support between $15,500-16,200. If these are lost, there is very thin resistance all the way down to $13,000 levels, where Bitcoin could once again test the year-long trend line it had recently claimed.
On the upside, there will be little reason to cheer for the return to a bull market unless the golden pocket to the $19,200 drop is regained, followed by a market structure change on the longer time frames at $21,500.
Great levels
Support: $16,400, $16,200, $15,500
Resistance: $17,600, $18,300, $19,500
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
