The price of Bitcoin, the world's biggest and most well-known digital asset, was trading more than 4% today at USD 15,973, falling below the USD 16,000 threshold. On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, fell by more than 8% to USD 1,118.
According to CoinGecko data, the market valuation of all cryptocurrencies fell below USD 1 trillion today, falling over 5% in the past 24 hours to USD 828 billion, as cryptocurrency prices struggled amid the protracted crisis brought on by Sam Bankman-collapse Fried's of his once-dominant FTX empire.
"Due to the significant selling pressure over the weekend, Bitcoin, Ethereum, and the majority of cryptocurrencies continued to trade at low levels. We might observe an upward trend if purchasers can raise the price of bitcoin over the above trendline. Ethereum, on the other hand, also experienced a weekend decline of 8%. If the selling pressure continues, ETH might fall to USD 1,080. According to Edul Patel, CEO and Co-Founder of international cryptocurrency investment platform Mudrex, "ETH will probably continue to be under the bearish threat as long as the price stays below the trendline."
Shiba Inu's price today was down over 7% at USD 0.000008, while Dogecoin's price was over 11% lower at USD 0.07. As the prices of Binance USD, Avalanche, Tether, XRP, Terra, Tron, Litecoin, Stellar, Chainlink, Polkadot, Solana, Uniswap, Polygon, ApeCoin, and Cardano have been trading at lower levels over the past 24 hours, other cryptocurrencies' performance today has also decreased.
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.