Apprehension as Bitcoin, Ethereum, Others Plunge Amid FTX Crisis

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By Adedapo Adesanya

The price of top cryptocurrencies fell heavily as the world’s largest crypto exchange by volume, Binance, announced plans to walk away from a deal with rival crypto exchange platform, FTX.

The world’s largest cryptocurrency, Bitcoin, is currently trading for just $16,500, an 8.00 per cent dip over the last 24 hours.

Every other coin and token tracked by Business Post is also in trouble, too. Ethereum, the second largest cryptocurrency by market cap, has so far dropped 3.7 per cent in 24 hours—priced at just above $1,100 at $1,190.28.

The market is tumbling after Binance walked away from a bailout deal of its former ally FTX as the company said it wouldn’t rescue the company again after carrying out due diligence.

There are concerns that the wider crypto market, which is already down sharply this year, could fall further if FTX goes under after users reportedly triggered $6 billion of withdrawals in just three days.

People are currently unable to make withdrawals from FTX, which people use to buy and sell various digital tokens.

Now, the US Securities and Exchange Commission (SEC) is investigating FTX’s handling of customer funds and its crypto-lending activities.

The market regulator is also examining whether the platform has broken securities laws with regard to how it has used customer assets.

Other currencies like Binance Coin (BNB) is down 8.9 per cent to $278.49, Dogecoin (DOGE) is down 7.4 per cent to sell at $0.0831, and Solana (SOL) crashed 6.5 per cent to trade at $14.94.

Litecoin (LTC) is selling for $54.11, making a 6.1 per cent loss; Ripple (XRP) is down to $0.03644 after a 4.2 per cent loss, Cardano (ADA) saw its value slide 2.9 per cent to $0.351, and the US Dollar Tether (USDT) recorded a 1.1 per cent loss as its value fell to $0.9876.

The only coin impervious to the market heat is Binance USD (BUSD), which in the last 24 hours has gained 0.8 per cent to sell at $1.01.

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