Crypto Price Crash Today, November 9: Know Why Bitcoin, ETH, Solana And Other Crypto Prices Are Falling
Over the past 24 hours, the prices of most major cryptocurrencies have seen a crash. Read on to know what triggered this crash
The prices of major cryptocurrencies crashed over the past day as news broke out that Binance, the biggest cryptocurrency exchange in the world, signed an agreement on Tuesday to buy out the non-US part of the FTX exchange, which is also one of the biggest crypto exchanges internationally. As per reports, Binance decided to buy out the FTX exchange because FTX was facing severe liquidity issues, which further caused concerns in the minds of cryptocurrency investors about the stability of the crypto market and the seemingly too-large-to-fail exchanges like FTX. Ever since the news came out about the FTX buyout, the price of the FTT, the native token of the FTX exchange has dropped by more than 70%, as per CoinMarketCap.
As a consequence, many investors began to pull out of cryptocurrencies worldwide due to the fear of a crash similar to the TerraLuna situation, resulting in the prices of major cryptocurrencies falling over the past day. At the time of writing this article, the price of Bitcoin (ETH) dropped by around 6.16% over the past 24 hours, whereas the price of Ethereum (ETH) dropped by around 11.07% over the past day. Other mainstream cryptocurrencies like Dogecoin, Solana, and Ripple also saw a sharp drop in prices.
Crypto Prices For Top Cryptocurrencies
Let’s take a look at the price movement of the top cryptocurrencies by market cap and popularity over the past 24 hours, as of November 9, 2022:
Bitcoin (BTC): Over the past 24 hours, the price of Bitcoin dropped by 6.16%. The current Bitcoin price stands at $18,480. Over the past 7 days, the price of Bitcoin has gone down by around 10%. The current Bitcoin market cap stands at around $350.48 billion.
Ethereum (ETH): Ethereum also saw a crash in price, losing 11.07% over the past 24 hours, with the current price standing at $1304. Over the last 7 days, the price of Ethereum has gone down by 17.83% overall. The market cap of Ethereum today stands at $159.67 billion.
Binance Coin (BNB): The native cryptocurrency of the Binance exchange, BNB remained stable, going down by only 1.82% over the past day and currently stands at $315. Over the past 7 days, the price of BNB has gone down by 2.23%. The current market cap of BNB at the time of writing stands at $50.36 billion.
Ripple (XRP): The price of Ripple went down by 10.78% over the past day, and currently stands at a price of $0.387. The price of Ripple has gone down significantly over the past week, losing around 15.89% in a period of 7 days. The market cap of XRP currently stands at $19.51 billion.
Cardano (ADA): Cardano has remained stable in the past day, going down by only around 3.19% over the past 24 hours with the current price at $0.36. Over the past week, the price of Cardano has gradually gone down by 7.76%. The current market cap of Cardano stands at $12.55 billion.
Solana (SOL): Solana dropped significantly by 21.42% over the past 24 hours, with the current price standing at $20.53. Overall, Solana has lost about 36% in the past week. The current market cap for Solana stands at $7.85 billion.
Polygon (MATIC): The price of Polygon also slipped, losing 11.63% over the past 24 hours, with the current price at $0.97. However, Polygon has been gaining consistently over the past 7 days, as it has gone up by around 11.40% over the past week. The Polygon market cap today is $8.43 billion.
Dogecoin (DOGE): The popular meme cryptocurrency has lost 12.08% over the past day and the price today stands at $0.088. Over the past 7 days, however, Dogecoin has dropped by a large margin, going down 36.60% and the current market cap stands at $11.36 billion.
Disclaimer: The prices of all cryptocurrencies have been recorded from CoinMarketCap at the time of writing and they are subject to change. This article does not intend to pass on any financial advice and BQ Prime does not endorse any of the cryptocurrencies mentioned above. Please invest at your own discretion.