Cryptocurrency Market Plunges Below $1 Trillion, Bitcoin Tests New Annual Low
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Answer Cryptocurrency Market Plunges Below $1 Trillion, Bitcoin Tests New Annual Low
The cryptocurrency market is facing very bearish conditions as the FTX crisis continues to spread.
Bitcoin prices are down more than 7% in the past 24 hours.
Which brings bitcoin’s weekly loss to more than 11%, as bitcoin’s price tumbled and tested a new yearly low at $17,603 according to coinmarketcap.
Performance of altcoins:
Altcoins were hit hard as the FTX crisis wiped out all the gains made by some altcoins from the market.
Ethereum is more bearish than Bitcoin as it is down more than 11% in the last 24 hours.
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Ethereum price is down 18% since last week and is currently trading at $1,292.
Solana coin is one of the biggest losers in the cryptocurrency market.
Some analysts and experts believe that Solana is one of the cryptocurrencies most affected by the crisis of the FTX trading platform.
The SOL cryptocurrency has fallen by 20% in the last 24 hours and by 34% in the last 7 days.
Cryptocurrency Solana at press time is trading at $21 and bearish sentiment is almost certain to drive prices lower.
Cardano remains one of the most volatile cryptocurrencies with a 4% drop in the past 24 hours.
The Dogecoin and Shiba Inu meme are also suffering, with the DOGE price down 14% since last day while the SHIB price is down 7%.
Project Polygon’s cryptocurrency has also fallen below the $1 level again to coincide with the crypto market drop, with MATIC dropping 13% in the last 24 hours and the coin is trading at $0.95.
Why did the crypto market drop below $1 trillion?
The cryptocurrency market is in a slump due to the financial troubles experienced by FTX, which came to a close after Binance announced the acquisition of FTX.
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Binance CEO CZ also revealed a liquidity crunch on FTX’s balance sheet.
Currently, concerns about Alameda’s bankruptcy are very high.
The crypto market is expected to witness more volatility especially today’s US midterm elections and CPI data.
Read also:
Cryptocurrency exchange Coinmetro succeeds in obtaining $7 million in seed funding
Nearly $400 Million Liquidated After BTC Price Drops Below $20,000
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