Bitcoin Price and Ethereum Prediction, Binance Backs Out of FTX Rescue
The cryptocurrency market continues to experience a massive downtrend. The global crypto market cap fell over 11% to $809 billion the previous day, sending major cryptocurrencies into the red on early November 10. Over the last 24 hours, the entire crypto market volume plummeted 11% to $189 billion.
Bitcoin dropped to nearly $16,010, while Ethereum was on the verge of a significant drop, trading just above $1,100.
The overall volume in DeFi was $8.57 billion, accounting for more than 4% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $180 billion, accounting for 95% of the total 24-hour volume of the crypto market.
Let's take a look at the top altcoin gainers and losers over the last 24 hours.
Chain (XCN), Gemini Dollar (GUSD), and Fei USD (FEI) are three of the top 100 coins that have gained value in the last 24 hours. The chain price increased by more than 7% to $0.043, while the Gemini Dollar increased by more than 0.18% to $0.9964.
Solana (SOL) has lost more than 45% of its value in the last 24 hours as Binance pulls out of the FTX rescue. FTX Token is down 38% to $3.13, while Lido DAO is down 25% to $0.9870.
On Wednesday, Binance announced that it would no longer be acquiring FTX, leaving Sam Bankman-Crypto Fried's empire in jeopardy.
Binance said in a tweet on Wednesday,
“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”
The turnaround comes after Binance CEO Changpeng Zhao stated the previous day that the largest cryptocurrency exchange had reached a non-binding agreement to purchase FTX's non-US businesses for an unknown value, saving the company from a liquidity problem.
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