The crypto market is under great pressure amid the fall of the FTX exchange and its native token FTT. After a significant price drop, Bitcoin saw gains again on Friday, November 11. As per the crypto price tracker by Gadgets 360, BTC is trading at $16,950 (roughly Rs. 13.6 lakh). The price for BTC has seemingly risen by 3.33 percent in the last 24 hours. On international exchanges as well, BTC slipped by 3.80 percent to trade at a similar price point.
Ether price also spiked by 4.70 percent on Friday. As per the crypto price tracker, Ether is trading at $1,234 (roughly Rs. 99,650).
Struggling against the roughed-up market momentum, Binance Coin, Ripple, Cardano, Polygon, Polkadot, and Solana made profits.
Dogecoin and Shiba Inu also rallied with gains.
“The highest drawdowns were in tokens at the centre of the drama: FTT and Alameda backed SOL. FTX’s exchange token FTT has crashed 90 percent in the last seven days, while SOL has tumbled down by 50 percent in the same time frame; cumulatively wiping out more than $10 billion (roughly Rs. 80,817 crore) in M.Cap amongst these two tokens,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
The overall crypto market rose by 4.24 percent, however the market cap remained at a low of $857.16 billion (roughly Rs. 69,27,325 crore), as per CoinMarketCap.
Stablecoins such as Tether, USD Coin, and Binance USD emerged among the loss-making cryptocurrencies today.
These were also joined by Tron, LEO, Terra, Dogefi, and Bitcoin Hedge among others.
“The traders are rushing to get ahead of the selling pressure. Apparently, the dynamics have risen to another level: 31 million Solana got unstacked at the end of the token lock-in period known as ‘Epoch 370′ released today,” the CoinDCX research team told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
