In a shocking bailout that renewed investor concerns about cryptocurrencies, cryptocurrency giant Binance struck a non-binding deal on Tuesday to buy FTX's non-U.S. unit to assist solve a "liquidity constraint" at the rival exchange. As a result, cryptocurrency prices fell today. The action is the latest last-minute effort to save cryptocurrencies this year as investors withdrew from riskier investments due to rising interest rates.
On hearing of the agreement on Tuesday, major cryptocurrencies initially rose, but those gains were swiftly lost. The price of Bitcoin, the biggest and most well-known digital token in the world, was trading more than 12% down today at USD 18,204. On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum network, fell more than 16% to USD 1,312.
According to CoinGecko, the market capitalization of all cryptocurrencies fell below USD 1 trillion today, falling nearly 11% in the previous day to USD 952 billion. In response to the actions taken by FTX and Binance, the majority of cryptocurrencies experienced double-digit losses during the past 24 hours. At USD 17,166, bitcoin hit a yearlong low. BTC has maintained a remarkable performance despite the US Fed raising interest rates by keeping the bar above the USD 20,000 mark, although it dramatically declined on Tuesday. Ethereum, the second-largest cryptocurrency, also decreased to USD 1,300, which is its support level. The trend of other prominent cryptocurrencies by market cap is also comparable. For the entirety of the cryptosphere, the upcoming days would be vital "said Edul Patel, co-founder and CEO of Mudrex.
Shiba Inu's price was down approximately 15% to USD 0.000010, and Dogecoin was trading almost 24% lower at USD 0.08 today. Since the values of Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar, Chainlink, and Polkadot have been falling over the past 24 hours, other cryptocurrencies' performance today has also decreased. According to CoinGecko, the utility token of FTX, a major cryptocurrency exchange, fell by more than 75% to about USD 5.27.
Prices of cryptocurrencies today: ether, dogecoin, and bitcoin fall
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