The post Why Crypto Market is Crashing Today? appeared first on Coinpedia Fintech News
The news of Binance Acquiring FTX created negative impact in the Crypto Market. Cryptocurrencies plunged Tuesday as investors digested an emergency deal struck for an undisclosed sum between major crypto exchanges Binance and FTX.
As a result, the cumulative market cap had dipped from its coveted position above $1 trillion after losing over $70 billion in a single day. Notably, BTC tumbled to a two-year low of $16,950 before steadying. BTC last visited sub-$17,000 in November 2020.
FTT, the utility token of crypto exchange giant FTX, collapsed by more than 75 per cent to around US$4.70
BTC, ETH, SOL, FTT, DOGE, and BNB saw the largest liquidations.
Source: https://coinpedia.org/crypto-live-news/why-crypto-market-is-crashing-today/