Bitcoin falls to 2 year low; ether, other crypto prices today continue to crash

The world’s largest and most popular digital token Bitcoin’s price today was trading more than 10% lower at $16,287, after plunging to $15,800 level, its lowest level since November 2020. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also tumbled by more than 10% to $1,166.

The global crypto market cap today slipped below the $1 trillion mark, as it was almost down over 12% in the last 24 hours to $844 billion, as per CoinGecko.

“The global crypto market crumbled for another consecutive day after Binance decided to pull out of the FTX deal, sending Bitcoin to its new yearly low of US$15,698. BTC is currently trading at a level which is not seen since November 2020. The liquidations in Solana’s decentralized finance markets also added to the selling pressure. Other major cryptocurrencies continued to dip as the events negatively impacted investor sentiment,” said Edul Patel, CEO and Co-founder, Mudrex.

Meanwhile, dogecoin price today was trading nearly 5% lower at $0.07 whereas Shiba Inu was also down about 4% to $0.000009. Other crypto prices’ today performance also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar, Chainlink, Polkadot prices were trading with cuts over the last 24 hours. 

FTX is now reportedly under investigation by U.S. authorities for how it handled customers’ deposits, according to Bloomberg News and other media outlets.

FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.

(With inputs from agencies)