Cryptocurrencies deepen losses after FTX bust

Cryptocurrencies deepen losses after FTX bust
Cryptocurrencies deepen losses after FTX bust

Cryptocurrencies deepen losses after FTX bust

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Cryptocurrencies deepened losses during yesterday’s trading amid the ongoing impact of the “FTX” platform crisis on the industry.

Cryptocurrency trading platform FTX announced it is filing for Chapter 11 bankruptcy, with its CEO, Sam Bankman-Fried, stepping down after suffering a severe liquidity crisis and his attempts to secure a bailout from players in the US industry, have failed .

In a note this week, strategists at JPMorgan predicted that cryptocurrency markets could face a surge of assets in the coming weeks that could push Bitcoin price to $13,000.

Cryptocurrencies had recovered relatively yesterday, helped by improving risk appetite in global financial markets amid rising expectations of an easing of interest rate hikes by the US Federal Reserve.

Bitcoin — the largest cryptocurrency by market cap — fell 4.8% to $16,925,000 as of 6:29 p.m. Mecca time, according to CoinPass data. Ethereum was also down 5.3% to $1273 and Ripple was down 4.4% to 37 cents and Binance was down 7.6% to $288.12.

On the other hand, the market value of cryptocurrencies has fallen by 4.3% to $856 billion in the past 24 hours, according to data from CoinMarketCap.

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