Fantom and ApeCoin face a major setback as they fall 10% in a day

Fantom (FTM) and ApeCoin, two popular cryptocurrencies, have experienced a significant drop in their prices on July 7, 2023. According to CoinMarketCap, FTM fell by 10.2% to $0.23, while ApeCoin declined by 10.4% to $0.01. Both coins have been under pressure from the bearish sentiment in the crypto market, as well as some negative news and events.

One of the factors that contributed to the fall of FTM and ApeCoin was the announcement of a major security breach on Fantom Finance, a decentralized platform that allows users to trade synthetic assets on the Fantom network. The hackers reportedly exploited a vulnerability in the smart contract code and stole over $12 million worth of FTM tokens from the liquidity pools. The Fantom Foundation, the organization behind the Fantom network, issued a statement on its official Twitter account, confirming the incident and promising to reimburse the affected users.

Another factor that affected the prices of FTM and ApeCoin was the regulatory crackdown on crypto-related activities in several countries, such as China, India, and Turkey. These countries have imposed strict rules and bans on crypto exchanges, mining, and trading, citing concerns over money laundering, tax evasion, and financial stability. As a result, many investors and traders have lost confidence and access to the crypto market, leading to a decline in demand and liquidity for many coins.

Despite the challenges and difficulties, some analysts and experts remain optimistic about the future of FTM and ApeCoin. They believe that both coins have strong fundamentals and innovative features that can attract more users and developers in the long term. For instance, FTM is a fast, scalable, and secure platform that supports smart contracts, decentralized applications, and cross-chain interoperability. ApeCoin is a meme coin that aims to create a community of crypto enthusiasts who support animal welfare and conservation projects.

In conclusion, FTM and ApeCoin have suffered a significant loss in their values on July 7, 2023, due to various factors such as a security breach on Fantom Finance and a regulatory crackdown on crypto activities in several countries. However, some analysts and experts believe that both coins have potential and prospects for growth and recovery in the future.