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Crypto Update 09, Nov: Crypto Market Bleeds As Whales Start Dumping

  • The global crypto market price is bleeding dramatically. 

  • Whales became active and started dumping heavily in the market.

  • Binance’s FTX acquisition plan also triggers the market to drop further.

09-Nov-2022 By: Simran Mishra
Crypto Update 09, No

The cryptocurrency market is reflecting bearish sentiments

 due to unfavorable dumping by whales. 

However, the macroeconomic factors do not appear to be strengthening anytime soon. As a result, the prices of Bitcoin, Ethereum, FTX & SOL turn red. 

At the time of writing, the global cryptocurrency market cap drops 7% in the last 24 hours to $0.912 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $216.46 billion.

At the time of writing, the crypto market leader, Bitcoin price is trading at $17,784. This follows a 4.83% decrease in the last 12 hours. As a result, its market capitalization stands at $340.3 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,234.1, which decreased 7.4% in the last 12 hours. 

Top Cryptocurrencies Price Action

The price of FTX (FTT) falls continuously, dropping more than 30% in the last 12 hours. FTT is currently ranked 65th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of FTT was trading at $4.5. 

However, at the time of writing, the price of DogeCoin (DOGE) has increased by 1.26% in the last 12 hours. DOGE is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.088.

As per CoinGabbar statistics, Near Protocol (NEAR) dropped by 12% in the last 12 hours. The weekly data shows a loss of 22% for this coin. It is currently trading at $2.31.

What Turns Crypto Market Red?

The broader crypto market started to bleed after Binance announced the acquisition of FTX Exchange. In addition, Whales also became active and begin dumping heavily in the crypto market.

However, the US equity market had shown positive momentum in yesterday’s trading session, breaking the correlation with crypto market.

Major Events Around The World

  • U.S. District Judge Michael Fitzgerald issued his "tentative ruling" on Monday in a class-action lawsuit launched in January against Kim Kardashian and Floyd Mayweather Jr. for their promotion of the Ethereummax (EMAX) token.

  • The American crypto exchange behemoth Coinbase has stated that it has no exposure to FTX, which continues to drain liquidity.

  • Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial institution, is preparing to venture into the metaverse by next year. 

COINGABBAR VIEWS: If the current situation persists, the market will most likely fall further. The market's negative trend has remained for some time, and it appears to be continuing, as evidenced by the current influx.

Read also: BITCOIN PRICE ANALYSIS CMP-$18,200: BTC is approaching a two-year low; will it halt or continue to fall?

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