Bitcoin and other major cryptocurrencies experienced a sharp decline in value following the admission of money laundering by Binance CEO Changpeng Zhao. The market witnessed a significant bloodbath, with popular altcoins such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin all taking a hit. The coming days are expected to be uncertain as the market navigates these turbulent waters.
In the midst of this downturn, the FTX Token emerged as the biggest gainer, with a 12 percent jump in the past 24 hours. Conversely, PancakeSwap suffered the biggest loss, plummeting by over 15 percent.
At the time of writing, the global crypto market cap stood at $1.38 trillion, with a 24-hour loss of 2.96 percent.
Bitcoin, the oldest and most valued cryptocurrency, dropped below the $37,000 mark, registering a 24-hour dip of 2.86 percent. In India, Bitcoin was priced at Rs 32.36 lakh.
Ethereum, another leading cryptocurrency, experienced a 24-hour dip of 1.74 percent, with a price of $1,982.32. In India, Ethereum was priced at Rs 1.74 lakh.
Dogecoin registered a 24-hour loss of 3.66 percent, currently priced at $0.07429. In India, Dogecoin was priced at Rs 6.57.
Litecoin saw a 24-hour dip of 3.09 percent, trading at $67.62. In India, Litecoin was priced at Rs 6,059.68.
Ripple’s XRP price stood at $0.5942, marking a 24-hour loss of 3.25 percent. In India, Ripple was priced at Rs 52.11.
Solana price stood at $54.34, with a 24-hour dip of 3.11 percent. In India, Solana was priced at Rs 4,929.99.
The market also experienced some significant gainers and losers over the past 24 hours. The top five gainers were [To be filled with actual data from CoinMarketCap data], while the top five losers were [To be filled with actual data from CoinMarketCap data].
Experts in the crypto market expressed their insights on the recent developments. Edul Patel, the CEO of Mudrex, highlighted the impact of regulatory scrutiny in the US and the potential postponement of the Bitcoin Spot ETF approval. CoinSwitch Markets Desk provided analysis on the performance of different cryptocurrencies, including Binance Coin (BNB), highlighting the surprise loss by CAKE. Rajagopal Menon, the Vice President of WazirX, spoke about the uncertainty caused by the crackdown on exchanges and the positive projections for ADA and XRP. Shivam Thakral, the CEO of BuyUcoin, emphasized the psychological impact of the Binance CEO’s resignation on the global crypto community.
Despite the recent downturn, there is still hope for a recovery in the market. Bitcoin and Ethereum face technical challenges, but the anticipation of ETF approval and projections for upward moves in other cryptocurrencies provide some optimism. The US Fed Meeting Minutes also indicated a cautious policy stance without suggesting a rate cut.
With the crypto market remaining choppy in the coming weeks, investors and enthusiasts should stay informed and prepared for further fluctuations in prices.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. It is always recommended to conduct thorough research and consult with professionals before making any investment decisions.
