Last night and this morning witnessed a catastrophic drop in the price of Bitcoin – the world’s number 1 cryptocurrency. Accordingly, the Bitcoin price has dropped by more than $2,000 in a single circuit, from $17,800 on the evening of November 9 to $ 15,500 on the morning of November 10.
As of 7 a.m. on November 10, Bitcoin price is currently trading around $16,100. In the past 2 years, the price of Bitcoin has never been so low. This is also the lowest price of Bitcoin since November 2020.
Cause of Crypto market plunges without brakes comes from the “war” of Binance and FTX – the 2 largest cryptocurrency exchanges in the world. As a result, the price of FTT – the management token of the FTX exchange has plummeted, losing more than 90% of its value within just 3 days.
“The drop of water is over” when this morning, Changpeng Zhao (CZ) – CEO of Binance announced on his personal Twitter page that he would cancel the acquisition of FTX.
Binance refused to buy FTX after due diligence, combined with information that FTX exchange is receiving accusations due to misuse of funds. This information immediately caused the price of the FTT token to drop another 50%, from 5 USD to 2.5 USD.
At the same time, a large amount of SOL tokens up to 34 million units were unlocked due to a series of withdrawal requests from holders. This news added more selling pressure to the market and caused the Bitcoin price to drop to a 2-year low.
The decline of the FTT token, followed by Bitcoin, has led to the decline of the entire cryptocurrency market. This morning, Ethereum price dropped to $1,070, down more than 20% from just a day earlier.
Major cryptocurrencies such as Polkadot, Avalanche, Ripple, Cardano… also witnessed a drop of several tens of % in the last 24 hours. This also happens even with Binance Coin (BNB) – the governance token of the Binance exchange, which launched the “war” against the FTX exchange and caused the whole market to wobble.
In the face of a series of bad news mentioned above, it is possible to see a domino collapse Continuity is happening in the crypto market, with it a lot of hope and wealth of investors. It is noteworthy that at the same time, 1 year ago, Bitcoin recorded a record high price, up to 69,000 USD on November 10, 2021.