Data from CoinMarketCap indicates that Bitcoin fell below $16,000 today (November 22), setting a series of large-cap virtual currencies ablaze. One of the reasons why BTC plunged without brakes is the collapse of the FTX crash.
Besides Bitcoin, Ethereum, the world’s second largest cryptocurrency, has also dropped 8% in the last 24 hours to $1,118. The capitalization of the cryptocurrency market on November 22 is maintained at $800 billion.
According to Livemint, the main reason why the price of Bitcoin and many other cryptocurrencies has continuously dropped during this time comes from the crisis of confidence following the collapse of the FTX exchange.
“Bitcoin, Ethereum, and most cryptocurrencies continue to trade at low prices due to strong selling pressure over the weekend. If selling pressure does not subside, we could continue to see price declines in the coming weeks. next time,” Edul Patel, CEO of crypto investment platform Mudrex, shared.
Cryptocurrency exchange Binance is making a move in the hardware wallet industry, as its venture capital division is investing in cold wallet platform Ngrave. Binance Labs has made a strategic investment in Belgian hardware wallet company Ngrave and will lead the upcoming Series A fundraising round, officially announced in November.
With the market situation not very optimistic, Bitcoin price movement is still very gloomy. Retail investors are recommended to observe and be cautious when trading.
Overall, those who lost money on the FTX exchange will need time to get back into the market in the short term. Due to concerns about the contagion of scandals in the crypto market, asset holders will recalibrate their portfolios. Recent data shows that institutional investors are pouring a lot of money into short-selling crypto products in anticipation of more losses. The full impact of the FTX bankruptcy is yet to be felt, as the exchange was at one time the second largest in the market.
Amidst a severe deterioration in sentiment towards cryptocurrencies, total crypto capitalization has dropped below $800 billion, with several other cryptocurrencies suffering prolonged losses. Binance Coin is down 3.4%, while Dogecoin is down 2.1%.