Bitcoin Hits Year’s Low, Crypto Market Down 11 Percent

The crypto market fell by 11.7 percent in the last 24 hours after the FTX crypto exchange decided to sell its business to Binance overnight due to lack of funds. Bitcoin on Wednesday, November 9, opened with a loss of 11.69 percent to trade at $18,357 (roughly Rs. 14.9 lakh) according to crypto price tracker Gadgets 360. The top cryptocurrency struggled to break the mark of $20,000 (roughly Rs. 16 lakh) in the past few weeks, it also experienced losses in international trade to trade at the same price point.

Ether recorded an even bigger loss than Bitcoin. As per the crypto price tracker, ETH fell by 16.90 percent which took its price down to $1,314 (roughly Rs. 1.06 lakh).

Today marks the lowest trading prices for Bitcoin and Ether in a long time. Ironically, today also clocks a full year since BTC and ETH last touched their last highs of $68,000 (roughly Rs. 55 lakh) and $4,891 (roughly Rs. 3.9 lakh).

“Bitcoin fell in the year when Binance took Sam Bankman-Fried’s FTX close amid concerns about how FTX’s liquidity and solvency problems raised questions about the health of their balance sheet as they had repeatedly lent their FTT token as collateral. The FTT token dropped 78 percent as a result after Binance announced their intention to take over the troubled exchange pending due diligence and legal procedures,” the CoinDCX research team told Gadgets 360.

During changes in market performance, almost all cryptocurrencies show red on the price charts, indicating losses.

These include Tether, Binance Coin, Binance USD, Ripple, Cardano, Polygon, Solana, and Polkadot.

Dogecoin and Shiba Inu also followed the path of loss for many altcoins.

like saying CoinMarketCapthe crypto market cap has fallen from its trillion-dollar valuation to $913.66 billion (approx. Rs. 74,36,497 crore).

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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