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.
According to 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 release of this positive statistic, the price of Bitcoin increased to over $18,000; But then it dropped 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.
Overall market conditions still seem turbulent; But some users hope that FTX will succeed in implementing an agreement or a plan so that this problem can be solved as soon as possible and, if possible, the assets of users can be recovered. 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.
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