⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Market Bleeds Red as BTC and ETH Exhibit Lowest Price in Two Weeks

Published 2022-11-08, 09:00 a/m
© Reuters.  Market Bleeds Red as BTC and ETH Exhibit Lowest Price in Two Weeks

  • BTC dropped nearly 6.4% to $19,370 and ETH went down by 9% to $1,434.
  • With the market slump affecting other cryptos, Solana (SOL) fell nearly 20%.
  • Bitcoin’s price drop below $20,039 can reportedly decline to test the $18,000 mark.

Earlier today, Bitcoin (BTC) and Ethereum (ETH) witnessed the lowest price in the past two weeks. The drop can be attributed to various factors including the fall in cryptocurrency exchange FTX’s token, inflation, and preventive measures for upcoming US midterm elections.

BTC dropped nearly 6.4% to $19,370 and ETH went down by 9% to $1,434. Both the top cryptocurrencies slumped at levels unseen since October 25. However, at the time of writing, BTC and ETH are trading at $19,788 and $1,484 respectively. Meanwhile, Solana, which had been in the news lately, fell nearly 20%.

Experts speculate that cryptos, especially Bitcoin will get past its ‘risky investment image’ gradually after the midterm elections and inflation report.

In fact, Bitcoin’s pricing plunging below $20,039 can further decline to test the $18,000 mark and in that case, the rally would only be delayed further.

The inflation ghost and the central bank’s hike in interest rates for handling inflation caused digital assets to struggle a lot in 2022.

If that was not enough, another factor that prompted the crypto selloff was the ongoing face-off between Sam Bankman-Fried’s FTX and Chanpeng Zhao’s Binance after which FTX’s native token FTT slumped. Analysts believed that FTT may become an illiquid asset putting investors at significant financial losses and would have met the same fate as Terra LUNA. Seemingly, FTX and Alameda Research, whose CEO recently offered to buy all of Binance’s FTT tokens at $22 are triggering uneasiness amongst crypto traders and is hurting the market immensely.

The post Market Bleeds Red as BTC and ETH Exhibit Lowest Price in Two Weeks appeared first on Coin Edition.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.