Cryptocurrency prices continued to decline on Monday with the price of Bitcoin, the biggest and most well-known digital currency, was trading about 5 percent down at USD 16,103. According to CoinGecko, the market capitalization of all cryptocurrencies fell below USD 1 trillion today, falling by about 5 percent in the previous day to USD 845 billion. On the other side, Ether, the second-largest cryptocurrency and coin associated with the Ethereum network, fell more than 6 percent to USD 1,191.
Most cryptocurrencies fell over the weekend as markets reacted to the most recent information regarding the theft of FTX. Due to persistent selling, Bitcoin and Ethereum are still trading in the red after a week of volatility. BTC has returned to the USD 16,000 mark. Bulls may be able to keep Bitcoin above its present price, which would indicate a trend toward USD 17,000. If not, there is a probability that BTC may soon hit the USD 15,500 mark. In the last 24 hours, Ethereum, the second-largest cryptocurrency, has decreased by nearly 6 percent. Also, ETH has broken through its USD 1245 monthly support level, demonstrating the market might of the seller. The current levels of support and resistance for ETH are USD 1100 and USD 1000, respectively, according to Edul Patel, CEO and co-founder of Mudrex.
Shiba Inu was also down more than 10 percent to USD 0.000008 while Dogecoin was trading around 10 percent lower at USD 0.08 today. Since the prices of Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Uniswap, and Polkadot have been trading at lower levels during the past 24 hours, other cryptocurrencies' performance today has also decreased.
The fall of FTX CEO Sam Bankman-crypto Fried's empire has damaged investor trust in digital assets, and the crypto market has lost roughly USD 200 billion in value just in the last week.
The value of cryptocurrency assets has fallen precipitously this year, and FTX is the latest cryptocurrency company to experience financial hardship. Other failures include Three Arrows Capital, an Asian hedge fund, and Celsius, a business that resembled a bank and accepted cryptocurrency deposits in exchange for income.
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