Bitcoin experienced a dramatic change today, reaching a high of $20673 earlier in the day, and then plummeting to a new low of $17229. This is even lower than the lowest record in June, marking the lowest point in about two years
Bitcoin experienced a dramatic change today, reaching a high of $20673 earlier in the day, and then plummeting to a new low of $17229. This is even lower than the lowest record in June, marking the lowest point in about two years. The reason for the decline in Bitcoin prices is that Binance has expressed willingness to purchase FTX's non US business, as the latter's exchange is facing serious liquidity issues caused by a run.
Although Bitcoin has hit a new low point, its price has rebounded to some extent and regained some lost value. However, at the time of writing, it still has not reached the price level at the beginning of the day. The fact that Bitcoin has fallen to a new low may cause concern for some who expect the low point on June 18th to be the bottom of the current cycle. Given the macroeconomic situation, it is not surprising to see cryptocurrency exchanges experiencing problems and shaking confidence.
Although Bitcoin holders may be a bit nervous today, the loss of value is negligible compared to the losses experienced by FTX tokens (FTTs). FTT opened at $22.21 on the same day, and at the time of writing this article, its current value was only $4.65, with the currency price reaching a terrifying low of only $2.73. At the time of writing this article, its value has decreased by 79% today alone.
The S&P 500 index seems not to have been affected by what happened in the cryptoworld. It has been declining since the beginning of trading, but the decline is not significant. See if Binance ultimately helps FTX and restores confidence in FTT to help holders of the cryptocurrency recover some of their lost value.
Today's trend shows that anyone should be cautious when participating in cryptocurrency investments. If you decide to purchase any cryptocurrency, ensure that your expenses do not exceed what you are willing to lose. If you had a $10000 FTT yesterday and it's only worth $2100 now - so be cautious if you venture into cryptocurrencies because they are really risky.
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