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Why is Bitcoin Price Down Today? What is Leading to a Crypto Crash?

9 Nov, 20221 min readBitcoin
Why is Bitcoin Price Down Today? What is Leading to a Crypto Crash?

The crypto markets have been extremely bearish after undergoing a minor bounce in recent times. The brawl between the Binance CEO, Changepang Zhao(CZ) & the FTX CEO, San Bankman-Fried(SBF) has led the market to lose more than 10%-12% of the market cap in the past couple of days.

Presently, the FTT price has dropped by more than 73% to mark new lows at $4.36. Meanwhile, Solana’s price is also under heavy pressure as Bitcoin & Ethereum prices slumped below $19,000 & $1400 respectively. However, the BinanceCoin (BNB) price continues to maintain its strength, registering a minimal loss of just 0.4% in the past 24 hours.

What caused a flip in market sentiments?

Well, there are larger concerns over FTX’s liquidity and its balance sheet as they turned down sharply ever since Binance announced liquidating all of their FTT tokens. As per some reports, the FTX balance sheet is down by nearly $6 billion, and the platform is trying hard to raise some funds to fill the gap.

to be continued

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