Bitcoin, other cryptocurrencies start week lower as FTX fallout continues to spread across industry

news7f11/21/2022

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Bitcoin, other cryptocurrencies start week lower as FTX fallout continues to spread across industry

Bitcoin and Ether both fell in Monday morning trading in Asia along with all 10 of the top non-stablecoin cryptocurrencies by market capitalization. With the exception of XRP, all top 10 coins also lost ground in the past seven days as more details about the failure of the FTX exchange became available. Additionally, FTX has called on other exchanges to help track down hackers who stole around $600 million from the Bahamas-based exchange and started moving the funds to other tokens.

See related posts: FTX Hacker Becomes 35th Largest Ethereum Holder

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Bitcoin fell 2.6% to US$16,278 in the 24 hours to 8am in Hong Kong, while Ether fell 6.3% to US$1,141, according to CoinMarketCap.
As of Tuesday, the address involved in the FTX hack was holding at least 228,523.83 Ether, making it 35^order biggest Ethereum holder In the world. On Sunday, hacker Start exchanging Ether into Ren Bitcoin (renBTC), a token that represents Bitcoin on other blockchains, after transferring some Ether to new wallet.
FTX urges other exchanges to support money back through Twitter on Monday morning, described as “certain funds transferred from FTX Global and related debtors without authorization.” The funds in question left the exchange on November 12 or a day after it filed for Chapter 11 bankruptcy in the United States.
Top memecoin Dogecoin saw the heaviest loss on CoinMarketCap’s top 10 list, dropping 8.7% to $0.07, while Polygon followed closely behind, losing 8% to 0. ,80 US dollars.
US stocks ended the day higher on Friday. The Dow Jones Industrial Average rose 0.6%, the S&P 500 gained 0.5% while the Nasdaq composite gained less than 0.1%.
The Bank of America (BoA) downgraded its credit rating Ranking of Coinbase Global Inc. based in the United States from buy to neutral on Friday, as the company’s share price fell 7.2% in Friday trading. “We think Coinbase (COIN) could face some new headwinds in the near/medium term due to the recent collapse of rival crypto exchange FTX,” said analyst Jason Kupfferberg. written by BoA. The BoA added, however, that it is confident that Coinbase “is not another FTX.”