The world’s largest and most popular digital token Bitcoin’s price today was trading nearly a per cent lower at $16,869, after plunging to $15,800 level, its lowest level since November 2020 early this week. The global crypto market cap today slipped below the $1 trillion mark, as it was almost down over a per cent in the last 24 hours to $890 billion, as per CoinGecko.
Cryptocurrency prices have remained under pressure this whole week after crypto exchange Binance said it was pulling out of a deal to purchase failing rival FTX Trading.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, however rose by more than 2% to $1,260.
Meanwhile, dogecoin price today was trading about 2% lower at $0.08 whereas Shiba Inu was also down over 3% to $0.000009. Other crypto prices’ today performance were mixed as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlinkprices were trading with cuts over the last 24 hours, whereas Uniswap, Polkadot gained.
Cryptocurrency exchange FTX sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. FTX, the hedge fund Alameda Research, and dozens of other affiliated companies filed a bankruptcy petition in Delaware, reported Bloomberg.
CEO and founder Sam Bankman-Fried has resigned, the company said. Bankman-Fried was recently estimated to be worth $23 billion and has been a prominent political donor to Democrats. His net worth has all but evaporated, according to Forbes and Bloomberg, which closely track the net worth of the world’s richest people.
The crypto world had hoped that Binance, the world’s largest crypto exchange, might be able to rescue FTX and its depositors. However, after Binance took a look at FTX’s books, it concluded that the smaller exchange’s problems were too big to solve and backed out of the deal.
FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.
(With inputs from agencies)
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