Crypto Trades in Red, What Happen Then?

Trading in cryptocurrencies is in the red; Bitcoin, Ethereum, and Dogecoin are all down.

Recent Released: 3 Altcoins for 100x Gains in 2023

Dropping by 3.81% on Sunday, the total value of the cryptocurrency market now stands at $804.37 billion, a new low for the sector. As a result of the chaos on the FTX, the two largest cryptocurrencies, Ethereum and Bitcoin, both saw big losses on Sunday evening, falling by 6.35% and 3.27% respectively. One Bitcoin now costs $16,108.85, down 3.14 percent from its all-time high. The price of one Ether coin has fallen $62.8%, to $1,123.28. The value of dogecoin plummeted from $0.09 to $0.07, a decrease of 8.7 percent.

The History of FTX

Ineffective handling of money and liquidity is largely to blame for FTX’s demise. Massive investors withdrew a lot of money before a hacker stole their coins. The value of FTT, FTX’s native token, plummeted in the middle of November.

Meanwhile, the thief who stole $600 million is said to have been exchanging the stolen funds for renBTC, another blockchain-based currency reflecting Bitcoin. To date, it has acquired a total of at least 228,523.83 Ether, making it the 35th largest holder of Ethereum. While attempting to identify the culprit, FTX has reached out to its industry colleagues for assistance.

Discounted fan tokens

The World Cup football tokens for national teams have also dropped. The fan token CHZ also fell by 14% despite the World Cup being played. All the fan tokens are getting scorched.

What the Future Holds for Cryptocurrencies

The analysts agree that a bear market rally is imminent. Inevitably, when the bear market rally approaches, the cryptocurrency market will recover. Twitter user “Capo,” a pseudonym for a cryptocurrency analyst, recently claimed that Bitcoin would recover, saying that it was only a matter of time. Speculations regarding Bitcoin from Capo have been made. What he said would happen to Bitcoin has indeed happened. He also tweeted today that this week would prove to be decisive, and that the surrender process had begun.

Source: Google Trend

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