Cryptocurrency prices today, November 12: After plummeting to USD 15,800 earlier this week, the price of Bitcoin, the biggest and most popular digital asset in the world, was trading roughly 1 percent lower today at USD 16,869. As per CoinGecko, the market valuation of all cryptocurrencies fell below USD 1 trillion today, falling by roughly 1 percent in the previous day to USD 890 billion.
After cryptocurrency exchange Binance said it was pulling out of a plan to acquire struggling rival FTX Trading, cryptocurrency prices have been under pressure for the entire week. However, Ether, the second-largest cryptocurrency and coin connected to the Ethereum network, increased by more than 2 percent to USD 1,260.
Shiba Inu was down more than 3 percent to USD 0.000009, while Dogecoin was trading roughly 2 percent down at USD 0.08 today. Uniswap and Polkadot had gains today, while Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, ApeCoin, Polygon, Cardano, Stellar, and Chainlink values saw declines over the past 24 hours. After experiencing the cryptocurrency equivalent of a bank run, cryptocurrency exchange FTX filed for bankruptcy. According to Bloomberg, FTX, the hedge fund Alameda Research, and numerous other connected businesses filed a bankruptcy petition in Delaware.
Sam Bankman-Fried, the company's CEO and founder, has resigned, it was announced. Bankman-Fried, whose net worth was recently estimated at USD 23 billion, has long supported Democrats in politics. According to Forbes and Bloomberg, who regularly monitor the net worths of the world's richest people, his net worth has all but vanished.
The cryptocurrency community had hoped that Binance, the biggest cryptocurrency exchange in the world, could be able to save FTX and its depositors. After reviewing FTX's financial records, Binance came to the conclusion that the issues facing the smaller exchange were insurmountable, and it withdrew from the agreement.
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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