Bitcoin, Ether Prices Fall After Binance Calls Off FTX Deal

Bitcoin fell to a new two-year low on Thursday, as the broader crypto market eased after major exchange Binance withdrew a bailout offer to beleaguered peer FTX, raising doubts about its future and dampening sentiment among the in. The price of Bitcoin has fallen by almost 9 percent in the last 24 hours and its price is now around $16,700 (roughly Rs. 13.65 lakh) mark on global exchanges while Indian exchanges like CoinDCX price BTC at $19,138 ( around Rs. 15.64 lakh) , which is 7.33 percent below what the crypto asset posted on Wednesday morning.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $16,701 (roughly Rs. 13.65 lakh) while CoinGecko day shows that the price of BTC is now sitting 16.6 percent higher than where it stood last Thursday.

Ether, the largest smart contract token, did not have a good start to the week and like BTC saw a heavy fall early Thursday. Ether is currently down about 8.71 percent in the last 24 hours in global trading. Meanwhile on Indian exchanges, ETH is trading at $1,342 (roughly Rs. 1.09 lakh) with prices down by over 8.83 percent in the previous day.

The Gadgets 360 cryptocurrency price tracker reveals that most of the major altcoins have seen significant price declines as well with numbers for the global crypto market capitalization showing a 7.76 percent drop through late Monday and early Tuesday.

Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot, Uniswap, TRON, Avalanche, and Monero experienced the biggest losses for the day while Solana led the bulk of the losses up a staggering 25 percent in the past 24 hours.

In the category of meme coins, Dogecoin has fallen further in what has not been the best start to the week. Dogecoin is currently priced at $0.08 (approx. Rs. 6.62) after dropping over 6.36 percent in value in the last 24 hours, while, Shiba Inu is worth $0.0000098 (approx. Rs. 0.000798 ), decreased by 2.76 percent in the previous day.

“The fall of FTX wiped out more than $180 billion (approx. Rs. 14,72,105 crore) from the crypto market as digital assets across the country came under heavy selling pressure. The largest crypto, Bitcoin, fell by more than of 9 and is trading below the support level of $16,406 (approx. Rs. 13.4 lakh) with some early signs of recovery. Ether is trading at $1,170 (approx. Rs. 95,686) which is a drop of more than 10 percent in hours -24 ago, historical data shows that Ethereum is trailing Bitcoin. In the altcoin space, MATIC, AVAX, and SOL saw their value drop by double digits due to a broad selloff in all crypto assets.”

“According to the latest update, Binance has pulled out of the deal to acquire FTX which is driving investors away from risky assets. The response from retail / institutional investors regarding the withdrawal of their funds from FTX will play an important role in the recovery of the market in the coming weeks,” explained Shivam Thakral, -CEO of the second longest running crypto exchange BuyUcoin.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or other advice or recommendations of any kind provided or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any implied recommendation, forecast or any other information contained in the article.

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