FTX Crisis Sinks Crypto Market, Bitcoin Falls

Crypto Price Today Latest Updates: The crypto price is struggling today as sentiments grow more negative. The FTX crisis and the resulting withdrawal are causing a massive selloff in the crypto market. Bitcoin prices fell close to 2% in the last 24 hours but have recovered by 1% since. It is currently trading at Rs. 17,25,000.

Winners and Losers Of The Crypto Market

Polygon continues to be one of the biggest winners of the crypto market. Despite massive volatility, $MATIC prices surged by 7% in the last hour. This brings Polygon’s weekly gain to 36%. It is currently trading at Rs. 101.8. Polygon prices are surging as Meta announced Polygon-based NFTs.

Litecoin is another winner of the crypto market. LTC has surged by over 5% in the last 24 hours and by 32% in the last 7 days. It is currently trading at Rs. 5936. Cronos also climbed 3.44% in the last 24 hours to trade at Rs. 10.08.

The rest of the altcoin crypto price faced a major brunt today due to market volatility. Ethereum fell by 1.6% on the last day and fell below the $1.6K mark. It is currently trading at Rs. 1,30,627. BNB and XRP both fell by 2.5% in the last 24 hours amid market speculation. BNB is trading at Rs. 27946 while XRP is trading at Rs. 39.02.

Meme coins are also struggling as the crypto winter continues. Dogecoin fell by 5% in the last 24 hours while Shiba Inu fell by 2.77%. Both continue to show extreme volatility.

Solana was likely the biggest loser of the crypto market. $SOL fell by 9% in the last 24 hours which erased all its weekly gains. It is currently trading at Rs. 2693.

Why Is Crypto Price Down Today

Binance CEO Changpeng Zhou announced that his company liquidate all its substantial FTX token FTT holdings. $FTT is down by more than 10%. Reports revealed that Alameda Research has significant exposure to unlocked FTT. It raises questions about the financial solvency of FTX and Alameda.

The crypto market may face more liquidity as the Consumer Price Index will be revealed this week. Moreover, the US midterm elections can cause volatility in the crypto market.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.