Crypto Market Falls as BTC Drops 5.06% and ETH Drops 6.1%

The crypto market is crashing following the news that the FTT token may go down, which will take down the platform, as most of FTX’s assets are tied to the FTT token.

It all started when a balance sheet from Alameda Research, a company owned by Sam Bankman who is the majority shareholder of FTX, surfaced online. He showed that the assets of the FTX platforms are linked to the FTT token.

A few days earlier, Binance CEO Changpeng Zhao said he would strategically dilute his 23 million FTT tokens. Zhao wants to get rid of the FTT tokens because it would otherwise take months to strategically sell the shares to minimize the market impact.

Zhao’s Tweet has led to panic selling now.

“Winding up our TTF is just a post-exit risk management, learning from LUNA. We’ve been supportive before, but we won’t pretend to have sex after the divorce. We’re not against it. no one. But we won’t support people who lobby other industry players behind their backs. From.” Changpeng said in a Tweeter .

Cryptocurrency prices were trading in the red on Tuesday evening. Ethereum (ETH) fell along with other altcoins. Dogecoin a meme coin, which was the best performing currency in recent days, fell 12.6%.

The top trending crypto today was the FTT token, which is the native token of the FTX platform.

The global crypto market capitalization stood at $981.6 billion. It fell 4.6% while total crypto market volume increased 43.9% to $118.2 billion in the past 24 hours, according to data collected from as of 4:10 p.m. STI.

Today’s top winner was Chain link . It rose 5.9% to $8.7. The main loser was FTX Token, which was trading at $17.8, after falling 21.1% in the past 24 hours on Tuesday night.

Cryptocurrency prices

Bitcoin: BTC fell 5.06% to $19,738 in the past 24 hours. Its market cap was $379.002 billion. Its intraday low was $19,448. Later, its trading volume increased by 47.8% to $67.1 billion.

Ethereum: Ethereum price was down 6.1% to $1,483 in the past 24 hours on Tuesday night. The ETH market stood at $181.5 billion. Its trading volume increased by 41.3% to $20.4 billion.

Other Altcoins: The price of Solana (SOL) fell 10.7% to $28.3 on November 8, 2022.

XRP fell 7.03% to $0.4381, and its 24-hour trading volume rose 64.9% to $2.1 billion.

Cardano (ADA) fell 5.2% to $0.3853. Its 24-hour trading volume increased by 36.02% to $740.1 million.

meme pieces

Dogecoin (DOGE) fell 12.6% to $0.1018. Its 24-hour trading volume increased by 28.4% to $1.9 billion.

Shiba Inu was down 8.5% at $0.00001097.

Decentralized finance (DeFi)

Yearn.Finance (YFI) fell 6.07% to $7,571.9. Its 24-hour trading volume increased by 27.06% to $36.4 million.

Avalanche (AVAX) fell 9.5% to $16.5 and its 24-hour trading volume rose 80.8% to $490.6 million.

Aave (AAVE) traded with a loss of 5.3% at $82.5, and its 24-hour trading volume rose 27.7% to $208.6 million.


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