Bitcoin, Ether slide further in value over weekend after FTX bankruptcy The global crypto market cap has lost 4.42% in the last 24 hours.
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Bitcoin price analysis shows that the price decline has deepened over the weekend as a continuation of FTX’s spectacular fall that has taken place over the past week. With FTX finally filing for bankruptcy just before the start of the weekend, the value of the world’s largest cryptocurrency continues to slide lower. As things stand, Bitcoin price has fallen by around 4.44% in the last 24 hours and is now hovering around the $16,100 (roughly Rs. 12.99 lakh) mark on global exchanges while BTC on Indian exchanges like CoinDCX The price is $18,157 (Rs. approximately). 14.65 lakh), which is 4.15 percent lower than the crypto asset’s value earlier on Sunday.
On global exchanges like CoinMarketCap, Coinbase, and Binance, Bitcoin is valued at $16,099 (roughly Rs. 12.99 lakh), while data from CoinGecko shows that BTC is now 22.5% lower than where it was at the beginning of last week. was
Ether, the largest smart contract token, did not have a great start to the week and just as BTC witnessed a steady decline over the weekend. Ether is currently down about 5.87% in the last 24 hours on global exchanges. Meanwhile, on Indian exchanges, ETH is trading at $1,341 (roughly Rs. 1.08 lakh), down over 5.6 percent from the previous day’s values.
Gadgets 360’s cryptocurrency price tracker shows that most major altcoins also saw a steep drop in value, with global crypto market capitalization numbers showing a 4.42 percent drop between late Sunday and early Monday.
Cardano, Polygon, BNB, Cosmos, Channellink, Polkadot, Uniswap, TRON, Avalanche, and Monero continued to decline over the weekend, led by Solana, which lost more than 14% in the last 24 hours.
In the memecoins section, Dogecoin fell further after not having the best start to the week. Dogecoin is currently priced at $0.08 (approximately Rs. 6.59), after a price drop of over 10.7% in the last 24 hours, while Shiba Inu is valued at $0.0000088 (approximately Rs. 0.000708), down 9.53% from the previous day. .
The global crypto market has been in turmoil following the moves made by FTX and Binance in the past week. The chain of events took Bitcoin to its new yearly low of $15,698 (roughly Rs. 12.68 lakh). Despite the US Fed interest rate hike, BTC has maintained an impressive performance by keeping the bar above the $20,000 (roughly Rs. 16.16 lakh) level, but has fallen significantly in the middle of the week,” Explains Adol Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.
Additionally, liquidation in Solana has also led to lower valuations, affecting investor sentiment. After the latest news about FTX being hacked, most cryptos fell over the weekend. Bitcoin and Ether are still trading in the red, maintaining the sentiment due to continued selling. BTC had bounced back to the $16,000 (roughly Rs. 12.92 lakh) level. If the bulls can hold BTC above the current levels, we may see a trend towards $17,000 (roughly Rs. 13.73 lakh). Otherwise, there are chances that BTC will touch the $15,500 (roughly Rs. 12.52 lakh) level soon,” adds Patel.
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