Cryptocurrency Prices Crash Today: Bitcoin Falls 5%; dogecoin, Shiba Inu fall 10% each

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged more than 6% to $1,191.

“As markets reacted to the latest news surrounding FTX being hacked, most cryptocurrencies continued to fall over the weekend. After a week of turbulence, Bitcoin and Ethereum are still trading in the red, maintaining this sentiment due to sustained selling. BTC is back to the $16,000 level. If bulls can hold BTC above the current level, we can see a trend towards $17,000. Otherwise, there are chances that BTC can reach the $15,500 level soon. The second largest cryptocurrency, Ethereum, has fallen around 6% in the last 24 hours. ETH has also broken its monthly support at $1245, which shows the strength of the sellers in the market. ETH’s support is now at $1,100 and $1,000, while the resistance level is at $1,254,” said Edul Patel, CEO and co-founder of Mudrex.

Meanwhile, the dogecoin price today traded roughly 10% lower at $0.08, while Shiba Inu was also down over 10% at $0.000008. Other crypto prices’ performance today also fell as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, Polkadot prices traded lower in the last 24 hours .

The crypto market has lost around $200 billion in value in the past week, as the collapse of FTX CEO Sam Bankman-Fried’s crypto empire took its toll on investor confidence in digital assets.

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 crypto deposits in exchange for returns, as well as an Asia-based hedge fund known as Three Arrows Capital.

The views and recommendations above are those of individual analysts or brokerage firms, and not of Mint.

(With input from agencies)