Following the Binance liquidity crunch with FTX, cryptocurrency prices dropped, with investors pulling out of riskier assets amid rising interest rates. As a result, BTC has recently recorded a new bear market low at about $16,000 and is now trading below the $19k price level for the first time in more than two years.
The price of FTX’s native token, FTT, fell by around 75% and is now trading under $2 for the first time since December 2020.
Bitcoin, the largest and most widely used digital currency, is trading below $19,000.
However, the second largest cryptocurrency, Ether (ETH), which is linked to the Ethereum blockchain, also dropped by 9% to $1305.
Dogecoin is currently trading at $0.08327, down 5%.
According to CoinGecko, since the prices of Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar, Chainlink, and Polkadot have dropped in the last 24 hours, the performance of other cryptocurrencies has decreased. FTT, the utility token of the world’s largest cryptocurrency exchange, has fallen by more than 75% to around $2.
Many individuals have been surprised by the FTX collapse, which is widely described as history’s biggest crypto blow-up and arguably the most unexpected.
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