Bitcoin is down by approximately 8%, ethereum fell by approximately 2.5 %, and Terra Luna classic, Maker, and Loopring were top performers. 2022 has not been a good year for cryptos. All the currencies encountered roller coaster rides and consecutively rose and fell. The crypto market is down by approximately 8.05 % to $966.27 billion, and its trading volume is down by around 24 %, according to the coin market capital, which is not a good sign for the market.
The crypto market is experiencing sudden volatility and going through a rough period. In the last 24 hours, the crypto market has taken a steep downturn, with almost every Cryptocurrency falling. There was a massive impact on the value of Bitcoin, Ethereum, and Binance.
The global market capitalization was almost down by 6.55% to 909.4 million. At the same time, the trading volume has increased by 43.72% to $69.19 billion.
The top gainer on Monday was Chiliz, which rose by 5.29% to $0.2361. Here the top loser was Ethereum Classic, 18.21% to $28.11. As Crypto was down Today, the most trending coin was ETH PoW.
Key Takeaways
- The cryptocurrency market is experiencing a high fall after the FTX-Binance battle
- Binance, Bitcoin, ethereum, and other popular currencies were trading below.
- Meme coins also witnessed fall.
Cryptocurrencies Prices
The price of Bitcoin fell by 6.18% to $18,813.97. Bitcoin was going for upward movement until September 18th, but there was a sudden fall from $20,000 to $19,800. Later, there was a steep fall on September 19th and early morning of September 19th, and the price fell from $19,400 to $18,800 in just 20 minutes.
2 The lowest price of Bitcoin was $18,806, where the volume was up by 40.1% to $33,586,373,653.
Ethereum’s price dropped by 10.41% to $1304.12 in the last 24 hours. After the merger, the cost of Ethereum is going down continuously, and this merger has dragged the Ethereum price below $1400 levels. The lowest price of Ethereum was $1301.20, where its trading volume was up by 67.47% to $17,393,785,730.
Other Altcoins
Ripple’s price fell by 7.34% to $0.3425, and its 24-hour trading volume went up by 68.48%, 2,697,043,210.
Cardano’s price fell by 9.16% to $0.4485, whereas its 24-hour trading volume rose by 61.39% to $758,838,128.
Binance was also down by 5.45% to $262.48, and its 24-hour trading volume went up by 59.35% to $860,098,333.
Meme Coins
Dogecoin also went down by 7.54% to $0.05679, and its trading volume was up by 35.8% to $293,207,811.
Shiba Inu was down by 9.67% to $0.00001074
Why is the crypto market falling?
It is probably the biggest question anybody asks this time. Unfortunately, there is no specific answer to this question; however, there are a few reasons why coin prices are being affected in the long term. First and one of the most prominent reasons BNB is falling is the Binance decision to back out from the FTX deal.
Binance decision to back out of the acquisition caused the global cryptocurrency market to decline. At the same time, the value of bitcoin and ethereum has fallen after the ethereum upgrade, the biggest event of the year 2022 in the ethereum space. On the other hand, the value of ethereum and bitcoin has increased more than 10 % after Binance backed out of the deal.
Binance, In a tweet, clarified, “In the beginning, we hoped to support the FTX platform to Free users from liquidity issues, but issues were beyond our control, so we backed out of the deal.
Many investors lost hope after the news of FTX collapse and have lost millions of funds after the liquidity concerns. For example, FTX exchange founder FTX-Sam Bankman Fried, previously regarded as the “White Night” for the crypto world, lost more than 94% of his capital.
The November global cryptocurrency market cap was $840.53B, recording a 3.53 percent fall over the day. On the other hand, the DeFi trading volume was approximately $8.65B, accounting for over 4.51% growth in the crypto market.
Bitcoin, One of the largest cryptocurrencies, recorded a growth of over 8 percent as of this writing and traded around at $16,706. Ethereum, one of the top cryptocurrencies, fell approx 8.42 percent, trading around $1,184.96 within 24 hours.
Meanwhile, FTX recently gained a lot of attention and fell approximately 42.28 percent. Solana fell approx 21 percent and traded across the worth of $15.80.
Surprisingly the Maker recorded growth of over 6.12 percent, looping approx 5.63 percent, and terra classic raised by 4.55 percent.
Today’s top gainers include Solana Terra Luna Classic, Maker, DYdX, and Loopring. In contrast, FTX, Solana, Kava, and Thorchain were the top losing coins that could have performed better.
What Does This Mean for Crypto Investors?
The collapse has highlighted the risks of the crypto market. Crypto volatility highly affects the market and investors who bet on the market. It is not the first time the market has experienced such volatility. The market also experienced extreme fluctuations in the past, leading investors to an indecisive state.
The Terra-Luna crash, the Ukraine-Russia war, and the crypto-tax regime were some past evidence that brought the market a slight fall. However, regular Investors are learning the same market situations, trying to overcome demanding transparency and government regulations.
Conclusion
The cryptocurrency market is non-regulated, so prices are not controlled. The highly volatile market can offer significant losses and big profits to investors. Investors are already worried about the situation that is coming as a barrier.
With the uncertainty going on worldwide, it’s better to observe the market thoroughly and adequately analyze it. So now it’s an excellent time to watch the market and make a move prudently.
FAQs
Q. Why does the Cryptocurrency market fall?
Ans. Cryptocurrencies often downfall when any surprise event occurs, e.g., the current FTX Binance Battle.
Q. Will Crypto rise again?
Ans. Crypto is a highly speculative market. Currently, the market is down; however, experts believe the market will recover soon.
Q. Is buying ETH risky?
Ans. Ethereum is the second-largest Cryptocurrency by market capitalization. It is a highly volatile crypto asset. Investing in ethereum can be risky simultaneously, but it can also benefit investors.
Q. What factors affect crypto prices?
Ans. Many factors affect crypto prices. But most significantly, supply, demand, production costs, competition, regulatory developments, and media coverage influence crypto prices.
Q. How do cryptocurrencies work?
Ans. Cryptocurrency operates on the decentralized blockchain known as the blockchain. They can be used as payment options and buy and sell Goods and purchases.
