Bitcoin plunged to a new two-year low on Thursday, with the broader crypto market in freefall after major exchange Binance withdrew a bailout offer for beleaguered peer FTX, raising doubts over its future and souring the overall sentiment among in. The value of Bitcoin is down by close to 9 percent in the last 24 hours with its price now around the $16,700 (roughly Rs. 13.65 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $19,138 (roughly Rs. 15.64 lakh), which is 7.33 percent lesser than what the crypto asset was valued on Wednesday morning.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $16,701 (roughly Rs. 13.65 lakh) while CoinGecko data shows that BTC's value now sits 16.6 percent lower than where it stood last Thursday.
Ether, the largest smart contracts token, didn't have a great start to the week and just like BTC saw a fairly heavy fall-off on early Thursday. Ether is currently down by roughly 8.71 percent over the past 24 hours across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,342 (roughly Rs. 1.09 lakh) where values are down by over 8.83 percent in the past day.
Gadgets 360's cryptocurrency price tracker reveals that most major altcoins saw very steep drop in values too with the global crypto market capitalisation numbers showing a 7.76 percent dip through late Monday and early Tuesday.
Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot, Uniswap, TRON, Avalanche, and Monero picked up major losses on the day while Solana led the pile losing over an eye-wattering 25 percent in value over the past 24 hours.
In the meme coins section, Dogecoin dropped off further in what hasn't been the best start to the week. Dogecoin is currently valued at $0.08 (roughly Rs. 6.62) after dropping by more than 6.36 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.0000098 (roughly Rs. 0.000798), down 2.76 percent over the past day.
"The FTX collapse has wiped out over $180 billion (roughly Rs. 14,72,105 crore) from the crypto market as digital assets across the board are under tremendous selling pressure. The largest crypto, Bitcoin, was down by over 9 percent and trading at a lower support level of $16,406 (roughly Rs. 13.4 lakh) with some initial signs of recovery. Ether is trading at $1,170 (roughly Rs. 95,686) which is a drop of over 10 percent in the last 24 hours, historical data shows that Ethereum follows Bitcoin's trajectory. In the altcoin space, MATIC, AVAX, and SOL witnessed a double-digit drop in their value due to the broader sell-off across crypto assets."
"As per the latest update, Binance has backed out of the deal to acquire FTX which is driving the investors away from riskier assets. Feedback from retail/ institutional investors on withdrawals of their funds from FTX will play a crucial role for market recovery in the coming weeks," explains Shivam Thakral, CEO of India's second longest running crypto exchange in BuyUcoin.
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