Crypto Update: How key crypto tokens are performing after the FTX/Binance fiasco this week

by | Nov 10, 2022 | Stock Market

After a surprise announcement that Changpeng Zhao, the chief executive of Binance, had signed a non-binding letter of intent to buy FTX on Tuesday, the firm eventually walked away from the deal, citing it as a result of “corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations.” See also: ‘Is there anything about crypto that is as it seems?’ FTX failure threatens industry’s reputation in D.C.

The shakeup in the crypto world in the past week has had the following impact on prices of major cryptocurrencies, according to CoinDesk data: Bitcoin 
BTCUSD,
+12.36%
 The price for Bitcoin was around $19,350 before the announcement of the potential FTX/Binance deal on Tuesday. The price jumped to $20,590 in less than an hour after the announcement. But dropped to a 2-year low of $17,484. Currently, the Bitcoin price is at $17,486, a 1.44% change over the last 24 hours. Ethereum 
ETHE,
+12.13%
Currently, the price is at $1318.07, a change of 13.48% in the last 24 hours. The price of Ethereum was around $1,438 before the announcement, and peaked at $1,562 under an hour after. Later on Nov 8, the price dropped to $1,289. FTT: Today the price of FTT is $3.18, down 25.35% in the last 24 hours, according to CoinMarketCap data. The price of FTT before the announcement was $14.98, and surged to $19.33 right after. Solana: Currently, the price is $17.34, a change of 2.91% over the last 24 hours. The price of Solana before the announcement was around $27.69, and peaked at $31.29 shortly after the announcement. Binance Coin: The current price is $306.47, a change of 4.43% in the last 24 hours. The Binance Coin price was around $322 before the announcement that Binance might acquire FTX, and peaked at $385 under an hour later. Dogecoin: The Dogecoin price is $0.09, a change of 7.69% over the past 24 hours as of 11:12 a.m. 

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