HERE’S WHY THE CRYPTO MARKET IS DOWN TODAY
Top cryptocurrencies are under pressure, with FTX down 42.82%, Ethereum down 8.42%, and Bitcoin down 8.67%. The top gainers were Terra Luna classic, Maker, Loopring, and dYdX.
In Short
Bitcoin, Ethereum, FTX, and Solana were all low in value
Meme coins encountered slippage of 62.43%
Top metaverse tokens witnessed a fall
Binance calls off FTX deal
Emerging Technology Team The global cryptocurrency market crashed for the second day in a row as a result of Binance's decision to withdraw from the FTX acquisition, sending cryptocurrencies into the red. As a result of increased investor skepticism, the value of Ethereum and Bitcoin has decreased by more than 20%. In response to the ongoing decision reversal, Binance tweeted on Wednesday that while initially hoping to serve FTX's consumers by offering liquidity, the problems are beyond of our hands and we are unable to assist.
On 10 November, the global crypto market cap stood at $840.53B, registering a 3.53 percent decrease over the last day. Defi's total volume is currently trading at $8.65B, accounting for 4.51 percent of the total 24-hour crypto market volume.
Bitcoin, the largest cryptocurrency globally, recorded a low of 8.67 percent in the last 24 hours and remains at $16,706. At the time of writing this article (1300IST), Ethereum, which is the second most digitally traded currency, fell 8.42 percent and is trading at $1,184.96.
Meanwhile, FTX, which has been in the news recently, was down by 42.82 percent, Solana tumbled by 21.26 percent and was worth $15.80. Other trending cryptos like Tether fell by 0.29 percent and BNB by 10.63 percent over the last day.
In contrast, Maker increased by 16.12%%, Loopring increased by 5.63%, and Terra Classic increased by 4.55%.
Today's top gainers include Terra Luna Classic, Maker, dYdX, and Loopring. On the other hand, FTX, Solana, Kava and Thorchain were among the top losers.
Meme coins down by 18.92 percent
Meme coins experienced a 62.43 percent slippage from the previous week and a decrease of 18.92 percent over the last 24 hours. The price per MEM at the moment is 1.792496. Shiba Inu experienced a decline of 2.12 percent with a value of $0.000010 at the time of writing, while the extremely favorable Dogecoin remained low by 3.93 percent to trade at $0.084492.
Metaverse tokens in red
Top metaverse tokens saw a decline. The value of Decetraland fell by 10.70%, that of the Sandbox by 8.98%, and that of ApeCoin by 12.32%; they are currently trading at $0.496564, $0.630009, and $3.38, respectively.
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