Bitcoin Price and Ethereum Hold Crucial Support, FTX Token Sheds 84%

08 Nov 2022 08:36 PM HST · 4 min read

By Ali B. | @ali-b

The cryptocurrency market continues to shed blood, with the majority of cryptocurrencies trading in the red on November 9 due to panic selling yesterday, fueled by rumors of FTX's insolvency. While Bitcoin fell to nearly $18,000, Ethereum was on the verge of a significant loss below $1,300.

The global crypto market cap is $913.58 billion, over 11% from the previous day. DeFi's total volume is currently $9.99 billion, accounting for more than 4.5% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $199 billion, accounting for 93% of the total 24-hour volume of the crypto market.

Binance Triggers Liquidity Crisis, then Buys FTX

Sam Bankman-Fried, who established the cryptocurrency exchange FTX into a global powerhouse, has tweeted that Binance has agreed to buy the company. Following news of an alleged impending Binance buyout, the native token of Sam Bankman-cryptocurrency Fried's exchange FTT rose initially, but investors remained uncertain, and FUD triggered a dramatic sell-off, causing FTT to fall from $22 to $4, a drop of more than 80%.

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