Bitcoin, Ether Slide Further in Value Over the Weekend Following FTX Bankruptcy
Bitcoin price analysis shows price decline deepened over the weekend as a continued fallout of the stunning downfall of FTX that has played out over the past week. With FTX eventually filing for bankruptcy just before the weekend began, the value of the world's largest cryptocurrency continues to slide lower. As things stand, the value of Bitcoin is down by close to 4.44 percent in the last 24 hours with its price now around the $16,100 (roughly Rs. 12.99 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $18,157 (roughly Rs. 14.65 lakh), which is 4.15 percent lesser than what the crypto asset was valued on early Sunday.
On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $16,099 (roughly Rs. 12.99 lakh) while CoinGecko data shows that BTC's value now sits 22.5 percent lower than where it stood at the beginning of last week.
Ether, the largest smart contracts token, didn't have a great start to the week and just like BTC witnessed a continued fall-off over the weekend. Ether is currently down by roughly 5.87 percent over the past 24 hours across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,341 (roughly Rs. 1.08 lakh) where values are down by over 5.6 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 4.42 percent dip through late Sunday and early Monday.
Cardano, Polygon, BNB, Cosmos, Chainlink, Polkadot, Uniswap, TRON, Avalanche, and Monero have continued to drop in value over the weekend too while Solana led the pile losing over 14 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. 6.59) after dropping by more than 10.7 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.0000088 (roughly Rs. 0.000708), down 9.53 percent over the past day.
"The global crypto market went through turbulent situations after the moves made by FTX and Binance in the last week. The series of events took Bitcoin to its new yearly low at $15,698 (roughly Rs. 12.68 lakh). Despite the US Fed's interest rate increase, BTC has maintained an impressive performance by keeping the bar above the $20,000 (roughly Rs. 16.16 lakh) level, but it has dropped significantly in the mid-week," explains Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.
"Additionally, the liquidations at Solana have also taken a low price, impacting investor sentiment. After the latest news surrounding FTX being hacked, most cryptos fell over the weekend. Bitcoin and Ether are still trading in red, maintaining this sentiment due to sustained selling. BTC was back to the $16,000 (roughly Rs. 12.92 lakh) level. If bulls can keep BTC above the current level, we might see a trend toward $17,000 (roughly Rs. 13.73 lakh). Else, there are chances that BTC could reach the $15,500 (roughly Rs. 12.52 lakh) level soon," Patel adds.