Bitcoin Plummets to 3-Month Low Amidst FTX Liquidation: Ethereum and Altcoins Also Impacted

  • Bitcoin tumbles to its lowest point in three months, dragging the wider crypto market down with it.
  • Ethereum faces even steeper losses, reaching a six-month price low.
  • The decline is suspected to be linked to the beleaguered FTX crypto exchange’s intention to liquidate $3.4 billion in various digital assets.

Crypto markets are rocked as Bitcoin dives and FTX announces a massive liquidation, all while anticipation for SEC approval of Bitcoin ETFs remains high.

Bitcoin’s Dramatic Descent to $25,048

In a surprising turn of events, Bitcoin has taken a 3% hit in the past day, plummeting to its lowest point in three months. Current data from CoinGecko reveals that the world’s leading cryptocurrency now stands at a trading price of $25,048, a figure last seen in the earlier half of June.

Ethereum and Altcoins Face the Brunt of Market Downturn

TheSource: CoinGecko

While Bitcoin’s decline is significant, Ethereum, the market’s second largest digital asset, has suffered even graver losses. Its current trading value sits at $1,543, marking its lowest in half a year. Other altcoins, including ApeCoin, Sui, and Ripple, weren’t spared from this market dip either, with all three registering notable price reductions.

The FTX Liquidation: A Potential Catalyst for the Market’s Woes

Speculation abounds as to the root cause of this sharp market downturn. One prominent theory links it to the recent revelations from the insolvent crypto exchange FTX. The exchange has made it public that they are in the process of obtaining regulatory permissions to liquidate a staggering $3.4 billion worth of assets, spanning from Solana and Bitcoin to Ethereum and more.

Bitcoin’s Rollercoaster Journey and the Lingering Hopes for SEC Approval

The crypto market’s current landscape stands in stark contrast to its status not too long ago. Bitcoin, in particular, was on an upward trajectory. With the influx of Bitcoin exchange-traded fund applications — including a notable one from the world-renowned asset manager BlackRock — optimism was high. Many in the investment world held onto hope that the U.S. Securities and Exchange Commission would at last give the nod to a Bitcoin product suitable for Wall Street’s tastes. Yet, with prolonged delays and heightened anticipation, liquidity issues have surfaced in the crypto realm, alongside a marked decrease in interest, as voiced by several market experts.

Looking Ahead: Bitcoin’s Past Peaks and Future Potential

Despite this downturn, it’s essential to note that Bitcoin remains considerably higher than its price at the year’s start, which was under $17,000. However, reclaiming its November 2021 record high of $69,044 seems to be a distant challenge at this moment.

Conclusion

Current market conditions highlight the volatile nature of the crypto realm. With Bitcoin and its peers facing significant losses and the looming shadow of FTX’s intended liquidations, it remains crucial for investors to stay informed and cautious. While hopes for SEC’s ETF approval persist, the market’s immediate future seems uncertain, making diligence and awareness paramount for those involved.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Normie Coin (NMC) Plummets After Major Hack: Investors on High Alert

Memecoin Normie experienced a drastic price drop...

Whale Acquisition of 953,177 $WIF with 17,966 $SOL Triggers Significant Price Surge

Cryptocurrency markets experienced a significant movement today...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Analysis Firm Reveals Key Drivers Behind Bitcoin (BTC) Recent Surge

<ul> <li>Bitcoin's recent price recovery has been analyzed...

Daily Crypto Market Analysis: BTC, ETH, CHZ, CORE, WIF Price Movements and Trends

Cryptocurrency markets have experienced significant volatility in...

Bitcoin (BTC) Price Analysis: Comprehensive Guide on Fintechzoom Trends and Insights

The cryptocurrency market has been abuzz with recent developments,...

Dogecoin (DOGE) Address Profitability Soars to 83%: Key Insights and Analysis

Dogecoin (DOGE) might be experiencing an immediate price plunge,...
Sheila Belson
Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
spot_imgspot_imgspot_imgspot_img

Bitcoin (BTC) Price Prediction: Crypto Exchanges Announce 1,200 Job Openings – Is a Major BTC Surge on the Horizon?

<ul> <li>Bitcoin (BTC/USD) is currently trading at $69,088, reflecting a slight decline of 0.33%, signaling a bearish Bitcoin price prediction.</li> <li>The cryptocurrency...

Normie Coin (NMC) Plummets After Major Hack: Investors on High Alert

Memecoin Normie experienced a drastic price drop after a hacker attack, resulting in a loss exceeding 99% within a minute. Such...

Critical Developments for Dogecoin (DOGE), Aptos (APT), Uniswap (UNI), and Terra (LUNA) – What Investors Need to Know!

The cryptocurrency market continues to be filled with intriguing developments across various projects, including Dogecoin and other notable coins. Recent trends...