Crypto Price Today: Crypto Market Sinks As Binance Acquires FTX

Crypto Price Today: Crypto Market Sinks As Binance Acquires FTX

Seemingly out of nowhere, Binance acquired FTX today in the midst of an industry-wide liquidity crisis.

The crypto market is in a slump as the FTX crisis continues to play out. Bitcoin prices have dropped by more than 8% in the last day, resulting in a weekly loss of over 10%. The current value of BTC is Rs. 14,95,988.

The altcoins are in a very precarious position as the FTX crisis has completely wiped out all of the market’s gains. Ethereum is even more bearish than Bitcoin, having fallen by over 11% in the last 24 hours. ETH has decreased by 17.5% in value within the past week and is currently being traded at Rs. 1,07,071; it may soon drop below $1.3K again if things continue on this downward trend.”

Solana is one of the hardest hit cryptocurrencies in the recent market crash. Experts believe that Solana was one of the most affected by the FTX crisis. $SOL has lost 19.21% in value over the last 24 hours, and 31% over the last 7 days. It is currently trading at Rs. 1796, but many experts believe that prices will continue to drop in the coming days and weeks.

Cardano is still one of the most unstable crypto assets and has decreased 5% in the last day. However, $ADA has increased by more than 2% in the last hour. It is trading at Rs. 29.93 as of now.

The value of meme coins Dogecoin and Shiba Inu have decreased in the last day, but both appear to be regaining some strength in the past hour. Specifically,Dogecoin has surged by 3% and is currently trading at Rs. 7.

As the crypto market took a sharp nose-dive, Polygon plummeted and is now trading at just below $1. Even with a slight rebound, $MATIC still experienced a 13% loss in value over the last 24 hours and is currently being traded at Rs. 80.

Crypto is in trouble as Binance buys out its biggest competitor, FTX. In addition, Liquidity concerns are at an all-time high after CZ revealed the Alameda balance sheet and capital reserves below what was promised. Even more cause for concern is CPI data due to be released today that is sure to add even more volatility into already unsteady markets.