The crypto market has been in a downward spiral for much of November. The collapse of FTX has exacerbated the market’s suffering and losses. The FTX crash appears to have impacted not only businesses and investors but also entire communities that had partnered with the beleaguered cryptocurrency exchange.
According to CoinMarketCap, the total crypto market capitalization stands at $829.42B. The market is down over 60% from its $3 trillion peak. At press time, BTC’s price stands at $16,607. Bitcoin is up 5.26% in the last 24 hours. Ethereum‘s price today is $1,173.14. Ethereum is up 7.84% in the last 24 hours.
Crypto market tanks for two weeks in a row
Since FTX’s demise, the crypto market has experienced значителна промена. Busan, the second-largest city in South Korea, is allegedly reconsidering its plans to launch a local crypto exchange. In light of the FTX contagion, Busan’s government and financial authorities have become increasingly concerned about the concept of a public-private digital exchange.
The city administration of Busan established a partnership with FTX in August 2022. As part of its efforts to become a digital financial hub in Asia, the municipal administration intended to construct the Busan Digital Asset Exchange. Nevertheless, given the present crypto market situation, the city may suspend these plans.
The city of Busan is not the only entity on the crypto market with a change of heart. The majority of this month’s industrial upheaval can be attributed to titanic exchange wars. The newest salvo from the CEO of Binance looks to be false.
На ноември 22, Coinbase was trending on Twitter after Binance CEO Changpeng Zhao, better known as CZ, appeared to challenge Coinbase’s Bitcoin holdings.
In a tweet that has since been deleted, CZ quoted a Yahoo Finance report claiming that Coinbase Custody holds 635,000 BTC for Grayscale. CZ commented that 4 months ago, Coinbase had less than 600K, with a link to an article from Bitcoinist published 4 months ago.
The CEO of Binance made it clear that he was merely citing “news reports” and not making his statements. His tweet, however, was not warmly welcomed by the crypto market community.
Source: https://www.cryptopolitan.com/why-crypto-market-down-november-2022-update/