On Tuesday, the majority of cryptocurrencies began to trade bullishly, but the rise abruptly came to an end. A significant drop in Bitcoin’s price occurred on Wednesday, the world’s biggest and most popular cryptocurrency. Bitcoin is currently worth $18,204, a 12% decrease from Wednesday.
On the other hand, Ether of the Ethereum blockchain, the second most popular cryptocurrency in the world after bitcoin, also had a major drop on Wednesday, plunging by 16 percent. Wednesday’s price of ether is down to $1,312.
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A 24% drop in Dogecoin
Dogecoin, on the other hand, experienced a steep decrease on Wednesday of 24%. On Wednesday, Dogecoin is trading for $0.08. Shiba Inu is down 15% on Wednesday and trading at $0.000010 simultaneously. Additionally, on the previous day, prices fell for Solona, Tether, XRP, Tron, Litecoin, Uniswap, Epicoin, Polygon, Cardano, Stellar, Chainlink, and Polkadot.
Cryptomarket cap drops 11% globally
The agreement between Crypto Binance and FTX on Wednesday is thought to be the main cause of this decrease. As a result, on Wednesday, the value of the global cryptocurrency market fell below $1 trillion. Global Crypto market capitalization currently stands at $952 billion, down about 11% from yesterday.