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

the crypto marketIt again entered a downward spiral after DeFi cryptocurrency lender Genesis suspended withdrawals citing difficulties that occurred as a result of the FTX incident.

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

As a result of all this negative news, almost all the major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), fell. DeFi tokens fell by a much higher percentage than others.

Cryptocurrency market capitalization fell 2.17% to $831.85 billion and its trading volume shrank 3.31% to $60.09 billion, according to data from Coinmarketcap.com at 8:50 a.m.

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

cryptocurrency prices

bitcoin: BTC fell 1.88 percent to $16,613.88.

BTC trading on November 16 was highly volatile and stale. Its trading volume dropped and so did its price. But around 4:40 p.m., BTC buyer activity increased by a significant margin, and BTC managed to recoup some of its losses as a result.

Its lowest intraday trading price was $16,430.11, while its volume dropped by 6.76 percent to $33,315,235,515.

Ethereal: of ethereal the price fell 4.03 percent to $1,211.29 in the last 24 hours to Thursday morning.

ETH trading was also volatile and directionless. ETH did not make any significant price moves and remained confined to a tight range of $1,191 and $1,264. However, ETH trading volume increased.

The lowest price for ETH was $1,192.99. ETH trading volume increased 6.49 percent to $12,009,052,297.

Other altcoins: Solana (SOL) price was down 1.65 percent at $14.31 today.

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

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

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

meme coins

Dogecoin fell 1.85 percent to $0.08589. Its 24-hour trading volume rose 18.83 percent to $712,490,658.

Shiba Inu was down 0.89 percent at $0.000009195.

Decentralized Finance (DeFi)

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

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

Aave (AAVE) was trading down 5.12 percent at $58.36 and its 24-hour trading volume was down 19.36 percent at $79,321,550.