Here’s why the crypto market is down today

By Emerging Tech Team: Binance’s decision to back out of the FTX acquisition caused the global cryptocurrency market to crash for the second day in a row, pushing Cryptocurrencies into the red. The value of Ethereum and Bitcoin have fallen more than 20 percent amid fresh investor scepticism. Amid the ongoing decision reversal, Binance in a tweet on Wednesday, said,“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”

On 10 November, the global crypto market cap stood at $840.53B, registering a 3.53 percent decrease over the last day. Defi’s total volume is currently trading at $8.65B, accounting for 4.51 percent of the total 24-hour crypto market volume.

Bitcoin, the largest cryptocurrency globally, recorded a low of 8.67 percent in the last 24 hours and remains at $16,706. At the time of writing this article (1300IST), Ethereum, which is the second most digitally traded currency, fell 8.42 percent and is trading at $1,184.96.

Meanwhile, FTX, which has been in the news recently, was down by 42.82 percent, Solana tumbled by 21.26 percent and was worth $15.80. Other trending cryptos like Tether fell by 0.29 percent and BNB by 10.63 percent over the last day.

Contrastingly, Maker gained 16.12 percent, Loopring advanced by 5.63 percent, and Terra Classic was up by 4.55 percent.
Today’s top gainers include Terra Luna Classic, Maker, dYdX, and Loopring. On the other hand, FTX, Solana, Kava and Thorchain were among the top losers.

Meme coins down by 18.92 percent

From last week, Meme coins encountered a slippage of 62.43 percent and declined by 18.92 percent in the past 24 hours. The current price per MEM is 1.792496. The highly favourable Dogecoin remained low by 3.93 percent to trade at $0.084492, and Shiba Inu faced a slip of 2.12 percent with a value of $0.000010 at the time of writing.

Metaverse tokens in red

Top metaverse tokens witnessed a fall. Decetraland dropped by 10.70 percent while the Sandbox lost 8.98 percent of its value and ApeCoin dipped by 12.32 percent, presently at $0.496564, $0.630009, and $3.38, respectively.