Cryptocurrency prices remained under pressure today after crypto exchange Binance said it was pulling out of a deal to buy failed rival FTX Trading. Binance confirmed earlier rumors and news reports that it is ready to back out of the FTX deal that took place on Tuesday between the CEOs of both exchanges. The deal was pending due diligence from Binance on FTX’s balance sheet.
The price of Bitcoin, the world’s largest and most popular digital token, was trading down over 10% today at $16,287, its lowest level since November 2020 at $15,800. Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrencyfell more than 10% to $1,166.
According to CoinGecko, the global crypto market cap slipped below the $1 trillion mark today, as it jumped nearly 12% over the past 24 hours to $844 billion.
“The global crypto market broke out for another day in a row when Binance decided to exit the FTX deal, sending bitcoin to its new annual low of US$15,698. BTC is currently trading at a level that Liquidations not seen since November 2020. Solana’s decentralized financial markets also added to selling pressure. Other major cryptocurrencies continued to decline as events negatively impacted investor sentiment,” said Mudrex CEO and CEO. Co-founder Edul Patel said.
Meanwhile, Dogecoin price was trading down about 5% today at $0.07, while the Shiba Inu was also down about 4% to $0.000009. Today’s performance of other crypto prices also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, Apcoin, Polygon, Cardano, Stellar, Chainlink, Polkadot cut their prices in the last 24 hours. was doing business with.
According to Bloomberg News and other media outlets, FTX is now reportedly under investigation by US authorities over how it handles customer deposits.
FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have fallen in value. Other failures include a bank-like company called Celsius, which took 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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