Crypto exchange Binance is buying another exchange FTX.
FTX sought help due to liquidity problems: Binance
Dogecoin (DOGE) is down more than 40 percent in the last 7 days.
New Delhi. There has been a big drop in the cryptocurrency market today. There is a major reason for this decline. In fact, crypto exchange Binance yesterday announced the outright purchase of its non-US unit of another exchange FTX to solve its ‘liquidity problem’. FTX and Binance were rival exchanges of each other.
Binance CEO Changpeng Zhao tweeted on Tuesday morning that FTX “has a huge liquidity crisis” and that after FTX sought Binance’s help, they had “signed a non-binding LoI, The objective is to fully acquire FTX.com and address the crisis of liquidity crunch.”
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fear among investors
Since the news of the liquidity problem has been a matter of concern among those investing in crypto. Most investors have chosen to withdraw their money from crypto amidst rising interest rates globally. This is the reason why the cryptocurrency market has also broken down so much.
Although the big cryptocurrencies saw a lot of rally yesterday, Tuesday, after the news of this deal came, but this rally did not last long. At the time of writing the news today (10:17 pm), the largest coin in the cryptocurrency market was trading at $18,275.85, down 7.23 percent. Within the last 7 days, it has fallen by 10.91 percent.
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Similarly, the second largest coin Ethereum (ETH) has also fallen 11.27 percent to $1,306.07 during the last 24 hours. In the last 7 days, there has been a big decline of 17.75 percent in it.
What’s up with the other coins?
If we talk about the global crypto market cap, then in the last 24 hours it has fallen by 7.24 to $ 908.20 billion. Meanwhile, the market leaders among the most broken coins are Bitcoin and Ethereum, as well as XRP, Cardano, Dogecoin, Shiba Inu, and Solana have also seen strong declines.
Dogecoin (DOGE), which has been repeatedly endorsed by Twitter buyout Elon Musk, is in bad shape. In the last 24 hours, it has fallen by 14.56 percent, while in the last 7 days it has fallen by 40.29 percent. XRP is down 10.27 percent today and 15.58 percent in the last 7 days. Shiba Inu (SHIB) has declined by 8.16 percent in the last 24 hours and 21.63% in the last 7 days.
Tags: bitcoin, business news, Business news in hindi, Crypto, Cryptocurrency
FIRST PUBLISHED : November 09, 2022, 10:40 IST