Bitcoin and Ethereum Fall as Crypto Market Drops Below $1 Trillion Overnight

Bitcoin and Ethereum have fallen over the past 24 hours, with the total crypto market now totaling $914 billion in market capitalization, down 10.6% over the past 24 hours.

according to Queen GekkoEthereum price is now around $1,229, down 17% in the last 24 hours. This now puts the second largest cryptocurrency by market capitalization at 74.1% from an all-time high of $4,878.26 in November 2021.

Bitcoin did a little better, drop Roughly 10% to $17809.

Binance’s proposed purchase of FTX is likely one of the driving factors behind these market moves.

On Sunday, Binance CEO Changpeng Zhao most dangerous It will begin selling the company’s FTT holdings from a previous equity position in FTX in 2019. FTT is the original FTX token that its owners can use to enjoy discounts and other benefits.

The move sparked a panic in the market, which led to a mass withdrawal of FTX, until Tuesday, FTX CEO Sam Bankman-Fried announced an initial deal that will be acquired by Binance.

FTX, Politics and Cryptocurrency

It’s not just the recent FTX issues that can affect current crypto prices.

The US presidential election, which saw voters pick for and against candidates with widely differing views on regulating cryptocurrencies, could affect the prices of the two most popular coins.

While there is widespread disagreement within the two major political parties over how to handle crypto regulation, some of the more pro-crypto candidates have attracted significant donations from the industry.

Illinois Democratic candidate Jonathan Jackson, who was recently declared the winner, has attracted good success Over a million dollars in donations from the crypto industryIncluding from Fried Pinkman himself.

Despite the amazing statistics today, this is by no means the worst day in the history of the two largest currencies.

The GlobalCovid-19 restrictions imposed on March 12, 2022 led to a 37.14% drop in the price of Bitcoin in one day and a 42% drop in Ethereum.

The controversial Celsius market crash on June 14, 2022 led to a 12% loss for Bitcoin and an 8% loss for Ethereum.

However, the two major coins outnumbered all FTT token holders over the past week.

FTT fell 75.4% For only $4.37 Over the past 24 hours, a total weekly breakdown of -83.1%.

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The opinions and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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