2022 can be regarded as one of the worst years in the cryptocurrency/web3 space. After diving into a bearish trend since Q1 of 2022, the market has continued to traverse in a bearish trendline. The price of coins and tokens has dipped by over 50% from its entry into the 2022 year season.
Following a market crash in May, the market seemed to have set its movement on a bullish path, not until a few days ago. The crypto market set out on a bearish path in the past few days, with BTC trading below $17 000. The dip was further prolonged by the crash of a popular cryptocurrency exchange, FTX.
SOL Crash By 12% Overnight, and Other Altcoins Affected
Solana blockchain native token SOL was hit hard by the dip after crashing by 12% in the past 24 hours. Although, there are rumors that the drop is affiliated with the crash of FTX, crypto exchange. Altcoins in the market were all affected by the market dip, as most of the tokens and coins have been trading in the red.
Ethereum is trading at $1,237.97, a 3% drop. Matic at $0.9057, a 4% drop, DOGE at $0.08735, a 5% dip in the past 24 hours. The cryptocurrency market capitalization fell to $835 billion, an approximate loss of $20 billion in the last 24 hours. 90% of coins and tokens are trading red in the market; fear, uncertainty, and doubt are high.
Bitcoin Price Crash, Trades Below $17,000 Zone
Bitcoin crashed in the market on Thursday, 10th of November, after the world’s largest crypto trading below $15,000. The crash caused an uproar in crypto communities, as it also influenced the fall of FTX, battling debt from market liquidation. After a sudden crash in Bitcoin market price, trading below the $16,000 zone, predictions for a steeper decline have surfaced in the markets.
The impact heightened fear, uncertainty, and doubt in the markets. Although, the market bulled again and is trading at $16,631, a 2% dip in the past 24 hours. BTC markets charts still indicate possible bearish that may set in long-term in the markets.
Following the sudden crash and collapse of FTX, crypto users settled for selling and moving their assets and crypto to exchange. The high and increased selling pressure has been a factor causing the further dip in the markets