Bitcoin is Falling Again Due to FTX Crisis in the Crypto Market

Bitcoin is suffering in the crypto market as it fell close to 2% in the last 24 hours

The price of cryptocurrency is struggling right now. The FTX crisis and the withdrawal that followed are driving a significant selloff in the cryptocurrency market. Bitcoin prices dropped by about 2% the previous day, but it has risen by 1%. The price on the market right now is Rs. 17,25,000.

One of the biggest winners in the crypto market continues to be Polygon. Prices for $MATIC increased by 7% in the most recent hour despite volatility. The weekly gain for Polygon now stands at 36%. It is presently being traded at 101.8 rupees. As Meta unveiled Polygon-based NFTs, the price of polygons is increasing. Litecoin is another crypto market winner. In the past 24 hours and the past week, LTC has increased by over 5% and 32%, respectively. The current price is Rs. 5936. Cronos also increased in value by 3.44% during the past day to trade at Rs. 10.08.

Due to today's market turbulence, the price of the remaining altcoins took a significant hit. On the final day, Ethereum lost 1.6% of its value and dropped under $1.6K. The price is presently Rs. 1,30,627. In the past 24 hours, BNB and XRP both decreased by 2.5% due to market speculation. BNB is currently worth Rs. 27946, while XRP is about Rs. 39.02.

As the crypto winter persists, meme coins are also having difficulties. In the past day, Dogecoin lost 5% while Shiba Inu lost 2.77%. Both still exhibit very high volatility.

The cryptocurrency market's biggest loss was probably Solana. The last 24 hours saw $SOL decline by 9%, wiping out all of its weekly gains. It is presently trading at Rs. 2693.

Changpeng Zhou, CEO of Binance, declared that his company would liquidate all of its sizeable holdings of FTX coin FTT. More than 10% has been lost by $FTT. Alameda Research has substantial exposure to unlocked FTT, according to reports. It calls into question FTX and Alameda's ability to pay their debts.