Bitcoin Hits Year Low, Crypto Market Tumbles Down by 11 Percent Amid Binance’s Takeover of FTX

The crypto market fell by 11.7 percent in the last 24 hours after FTX crypto exchange decided to sell its business to Binance overnight due to liquidity crunch. Bitcoin on Wednesday, November 9, opened with a loss of 11.69 percent to trade at $18,357 (roughly Rs. 14.9 lakh) as per Gadgets 360's crypto price tracker. The top-most cryptocurrency that had struggled to breach the mark of $20,000 (roughly Rs. 16 lakh) in previous weeks, also met with losses on international exchanges to trade at a similar price point.

Ether recorded even bigger losses than Bitcoin. As per the crypto price tracker, ETH slipped down by 16.90 percent that dragged down its price to $1,314 (roughly Rs. 1.06 lakh).

Today marks the lowest trading values for Bitcoin and Ether in a long time. Ironically, today also clocks a complete year since BTC and ETH last touched their last respective all-time highs of $68,000 (roughly Rs. 55 lakh) and $4,891 (roughly Rs. 3.9 lakh).

"Bitcoin fell to a year's low with Binance's takeover of Sam Bankman-Fried's FTX imminent amidst worries of how FTX's liquidity and solvency problems raised questions about the health of their balance sheet as they had repeatedly borrowed their own FTT token as collateral. The FTT token fell 78 percent as a result after Binance announced their intention to takeover the troubled exchange pending due diligence and formalities," the CoinDCX research team told Gadgets 360.

Amidst the changes in the market operations, almost all cryptocurrencies reflected reds on the price charts, indicating losses.

These include Tether, Binance Coin, Binance USD, Ripple, Cardano, Polygon, Solana, and Polkadot.

Dogecoin and Shiba Inu also trailed along the loss trail with majority altcoins.

As per CoinMarketCap, the crypto market valuation cascaded down from its trillion-dollar valuation to currently stand at $913.66 billion (roughly Rs. 74,36,497 crore).

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