Spillover Effects Of FTX Incident Causes Market Turmoil, Bitcoin, Ethereum Fall

The crypto market again went into a downward spiral after crypto DeFi lender Genesis suspended withdrawals citing difficulties which occurred as a result of the FTX incident. 

This was followed by Circle (issuer of USDC stablecoin) confirming its exposure to Genesis. However, the company assured users that their lending agreement with Genesis is robust. Tether (issuer of USDT) confirmed that it had no exposure to Genesis.

As a result of all these negative news, almost every major crypto, including Bitcoin (BTC) and Ethereum (ETH), fell. DeFi tokens fell by a much greater percentage than others.

The crypto market cap fell about 2.17 per cent to $831.85 billion and its trading volume was down by 3.31 per cent to $60.09 billion, according to data from Coinmarketcap.com at 8.50 am.

Today’s top gainer was Trust Wallet Token (TWT); it was up 10.23 per cent at $2.19. The top loser was Huobi Token (HT), which was trading at $4.58 with a loss of 7.39 per cent in the last 24 hours to Thursday morning. 


Cryptocurrency Prices

Bitcoin: BTC fell 1.88 per cent to $16,613.88.

BTC’s trade on November 16 was highly volatile and stale. Its trading volume shrank and so did its price. But around 4.40 pm BTC buyers’ activity surged by a significant margin and as a result BTC managed to recover some of its losses.

Its lowest intraday trading price was $16,430.11, while its volume was down by 6.76 per cent at $33,315,235,515.

Ethereum: Ethereum’s price fell 4.03 per cent to $1,211.29 in the last 24 hours to Thursday morning.

ETH’s trade too was also volatile and directionless. ETH made no significant price moves and stayed confined to a narrow range of $1,191 and $1,264. However, ETH’s trading volume was up. 

The lowest price for ETH was $1,192.99. ETH’s trading volume was up by 6.49 per cent at $12,009,052,297.

Other Altcoins: Solana’s (SOL) price was down by 1.65 per cent at $14.31 today.

Ripple (XRP) was down by 1.48 per cent at $0.3753 and its 24-hour trading volume was down by 27.19 per cent at $1,274,396,863.

Cardano (ADA) was down by 3.51 per cent to $0.3308. Cardano’s 24-hour trading volume was down by 12.02 per cent to $267,758,041.

Binance (BNB) was down by 2.43 per cent to $271.71. Its 24-hour trading volume was down by 12.95 per cent at $913,303,728.

Meme Coins

Dogecoin fell 1.85 per cent at $0.08589. Its 24-hour trading volume was up by 18.83 per cent at $712,490,658.

Shiba Inu was down by 0.89 per cent to $0.000009195.

Decentralised Finance (DeFi)

Yearn.Finance (YFI) fell 3.87 per cent to $6,314.99. Its 24-hour trading volume was down by 5.07 per cent at $38,937,160.

Avalanche (AVAX) was down by 3.45 per cent at $13.13 and its 24-hour trading volume was down by 6.06 per cent at $152,511,719.

Aave (AAVE) was trading with a loss of 5.12 per cent at $58.36 and its 24-hour trading volume was down by 19.36 per cent at $79,321,550.

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