Crypto Price Today: Bitcoin, Etheruem, Dogecoin, FTX Token tank up to 75%

Synopsis

Homegrown crypto exchange platform, WazirX, which allows users to buy, sell, and trade various crypto assets like Bitcoin, Ether, Litecoin, and more, has enabled the profit & loss feature for its users, it said in a blog post.

New Delhi: Top crypto tokens were trading in the red on Wednesday after Binance took over FTX exchange, with its native token FTX Token (FTT) downabout 75%.

FTX founder Sam Bankman-Fried said that the exchange was “fine” and that the concerns over the takeover were “false rumours”.

Dogecoin wiped out over one-fifth of its value, Solana tumbled 17% and Ethereum, Polygon and XRP tanked 15% each.

The global cryptocurrency market cap tumbled 10% in the last 24 hoursto $903.30 billion. However, the total trading volume rose about 130% to $213.61 billion.

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Homegrown crypto exchange platform, WazirX, which allows users to buy, sell, and trade various crypto assets like Bitcoin, Ether, Litecoin, and more, has enabled the profit & loss feature for its users, it said in a blog post.

Expert take
Binance’s takeover of Sam Bankman-Fried’s FTX amidst worries over FTX’s liquidity and solvency problems raised questions about the health of their balance sheet as they had repeatedly borrowed their own FTT token as collateral, said CoinDCX Research Team.

“This sparked contagion worries that again spooked investors after a year of crypto contagion due to the collapse of the Luna ecosystem,” it added.

Sathvik Vishwanath, Co-Founder, CEO Unocoin, said that Both FTT and BNB provide traders with discounts and other benefits on their respective exchanges.

“After the merger, Ethereum entered its second phase — the Surge — with the goal of reaching 100,000 transactions per second through aggregates,” he said. “There were a total of five stages, the rest being Verge, Purge and Splurge,” he added.

Global Updates
Binance agreed to buy rival cryptocurrency exchange FTX, a stunning outcome that followed days of speculations that FTX and corporate sibling Alameda Research faced a liquidity crisis.

FTX has halted all non-fiat customer withdrawals, an FTX support employee confirmed in the company’s official Telegram group.

Convicted fraudster Martin Shkreli has a message for Do Kwon, the alleged fugitive co-founder of Terraform Labs: there are worse things than jail time.

Tech view from BuyUcoin cryptocurrency exchange
FTT, the native token of the FTX exchange, was in a free fall after the public spat between Binance and FTX founders. Binance Founder made a statement that it would liquidate its entire FTT holdings due to growing stability concerns at the FTX exchange.
Chart-FTTET CONTRIBUTORS
Later in the day, Binance announced that it would acquire the rival FTX which rattled the crypto market and resulted in Binance-led selling pressure. FTT lost 70% of its value in the last 24 hours as investors lost confidence in the token.

Even if Binance acquires FTX, the future of FTT tokens looks bleak because Binance would promote its native tokens rather than promoting FTT. Investors should monitor the situation carefully and go for stop loss order depending on their risk appetite, experts suggested.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Updated: 11/09/2022 — 01:00