The digital currency market has experienced severe fluctuations in recent days, and until today there is no sign of the return of the trend or the end of the fluctuations.
To Report CryptoPotito, the “FTX” exchange officially declared bankruptcy yesterday, and this news caused the price drop in the digital currency market to intensify.
On Thursday, the inflation rate data for the month of October (Mehr) in the United States was published, which shows that in the year ending October 2022, inflation in this country grew by 7.7%; The rate which is clearly lower than the forecast of 7.9% by analysts and 8.2% inflation in September. Following the publication of this positive statistic, the price of Bitcoin rose to above $18,000, but then fell again to close to $16,000.
As you can see from the chart above, Bitcoin is currently trading around $16,800 and has lost 2.5% of its value in the last 24 hours.
The overall market conditions still seem chaotic, but some users are hoping that FTX will be able to implement an agreement or plan to resolve the issue sooner rather than later and recover users’ assets if possible. Additionally, there is evidence that the exchange suffered a major hack today.
Helium, Solana, and Kronos (CRO) are among the altcoins that have experienced the biggest price drop (more than 13%) among the top 100 currencies in the market in the last 24 hours, while the price of Dogecoin has grown by nearly 5% in the same period of time. During the last 24 hours, 145 million dollars of trading positions have been liquidated, and half of them were long (bullish) positions.
The total value of the digital currency market also dropped by 30 billion dollars overnight, and has now reached 847 billion dollars.