Crypto Market – November 7, 2022

After a solid weekend, cryptos fell in the early hours. Bitcoins fell below $21,000, while Ethereum couldn’t break $1,600.

Crypto’s Week Begins with FTT-Alameda Drama. FTT, SOL, and BNB start the week in the red as the market digests Alameda’s finances.

Binance CEO Changpeng “CZ” Zhao stated the exchange intends to liquidate all of its FTT tokens following a CoinDesk story exposed Alameda Research’s possibly precarious situation. Zhao announced that Binance would sell its remaining FTT (FTX’s native token) following its withdrawal from FTX stock last year. 

Alameda CEO Caroline Ellison offered to buy back Binance’s FTT allotment, but the token fell from over $25 to under $22 and is down 1.6% on the day.

Over the past 24 hours, the price of Bitcoin (BTC) has been between $20,563 and $21,297. As of 9 a.m. UTC today, BTC is trading at $20,709, which is a decrease of 2.56 percent.

The worldwide cryptocurrency market value is $1.07 Trillion, down -2.62% in 24 hours and -63.42% in a year. Bitcoin’s market valuation is $398 billion, indicating 37.15 percent domination. Stablecoins have a $148 billion market worth and 13.8% of the crypto market cap.

Except for Polygon, all of the leading cryptocurrencies saw significant losses on Monday. Solana fell more than 9%, while Dogecoin fell 6%, BNB -5.8% and XRP -3.32%. Polygon increased by 7%.

• Ethereum $1,587.33 -2.34%
• BNB $331.47 -5.82%
• XRP $0.4746 -3.32%
• Dogecoin $0.1160 -7.14%
• Polygon $1.26 +7.02%