Cryptocurrency prices fell today after crypto giant Binance signed a nonbinding agreement on Tuesday to buy FTX’s non-U.S. unit to help cover a ‘liquidity crunch’ at the rival exchange, in a stunning bailout that sparked new investor concerns about cryptocurrencies. This is the latest emergency rescue in the world of cryptocurrencies this year, as investors have fled riskier assets in response to rising interest rates. On Tuesday, major cryptocurrencies rallied on news of the agreement, but those gains were quickly reversed. Bitcoin, the world’s largest and most popular digital token, was trading more than 12% lower today, at $18,204. Ether, the second largest cryptocurrency and the coin linked to the ethereum blockchain, fell by more than 16% to $1,312. According to CoinGecko, the global crypto market cap fell below $1 trillion today, falling nearly 11% in the last 24 hours to $952 billion. Dogecoin price was trading nearly 24% lower at $0.08 whereas Shiba Inu was also down about 15% to $0.000010. On November 9, 2022, the price of Solana (SOL) was down 39.70% to $17.2. XRP was down 16.4% to $0.366, but its 24-hour trading volume was up 87.4% to $4.1 billion. Cardano (ADA) fell 8.7% to $0.3521. The 24-hour trading volume of Cardano increased by 104.7 percent to $1.5 billion.
