Cryptocurrency Update: The price of Bitcoin (BTC), the oldest and most valuable cryptocurrency, has fallen to a two-year low as a result of the unprecedented collapse of cryptocurrencies. The new massacre is mostly blamed on the liquidation problems of the cryptocurrency exchange FTX, which also suffered a loss of millions from “unauthorised transactions.” The recent drop in prices has once again raised the issue of enacting regulations to shield investors from the negative effects of the volatile nature of the crypto sector. As a result, India will place a high priority on enacting regulations in this area at the upcoming G20 summit.
Cryptocurrency Update: FTX Crash
It should not be shocking that a $30 billion cryptocurrency exchange suddenly collapsed. FTX was formerly one of the biggest cryptocurrency trading platforms in the world. The Bahamas-based cryptocurrency exchange, which was founded in 2019, rose quickly to fame and was valued at more than $30 billion earlier this year. In the last two weeks, everything has changed. First, there were worries raised regarding connections between FTX and the asset-trading company Alameda Research, including claims that client monies had been moved from FTX to Alameda.
Cryptocurrency Update: Latest price
The most valuable cryptocurrency token, Bitcoin (BTC), fell under $16,000 early on Monday as the weekend’s digital slaughter continued. Cryptocurrency values have continued to decline since the FTX hack, and this week’s selloffs have intensified significantly. Other well-known altcoins, including as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC), all finished in the red. As Cronos (CRO) began the week as the biggest loss, Trust Wallet Token (TWT) remained the top gainer for the second straight day.
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