Most cryptocurrencies witnessed massive losses on Thursday after Binance decided to back out of the FTX deal with Bitcoin slipping below 17,000. The global crypto market cap stood at $810.3 billion, with a volume of $188.9 billion in the past 24 hours. Cryptocurrency exchange Binance said it plans to buy its rival FTX Trading on Wednesday. However, later said, "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com."
Bitcoin | The world's largest and most popular virtual currency, Bitcoin, slumped 11.1 percent to $16,115.1. Its market value stood at $310.8 billion. The trade volume was at $106.1 billion. The token has fallen to two-year low.
"The price of Bitcoin hit its new yearly low at US$15,698, the weakest since November 2020. BTC remains at risk of more losses if it breaks the US$15,500 support level," said Edul Patel, CEO and co-founder of Mudrex.
Ethereum | The second largest virtual currency, Ethererum or Ether, slumped 11.9 percent to $1,141 with a market capitalisation of $139.6 billion. The trade volume of Ethereum was $40.1 billion in the last 24 hours.
Dogecoin | Meme-based virtual currency, Dogecoin, fell 8.3 percent on Thursday. Its market value stood at almost $10.1 billion. The trade volume was at $2.8 billion.
Solana | Solana plunged 37.6 percent to $13.8 with a market capitalisation of almost $5 billion. The trade volume of Solana was $4.8 billion in the last 24 hours.
"Solana whales are liquidating as their SOL positions are getting hammered by the price crash. The series of events over the past two days have impacted investor sentiment," Patel said.
Shiba Inu | Shiba Inu fell 6.6 percent with a market capitalisation of $5.1 billion. The trade volume was $671 million in the last 24 hours.
Polygon | Polygon slumped 12.9 percent with a market capitalisation of $7.4 billion. The trade volume was $1.7 billion in the last 24 hours.