The Cryptocurrency market has continued to be in dip mode. Observers believe that it is as a result of fears over the financial state of Bahamian cryptocurrency exchange which is the second largest Cryptocurrency exchange in the world.
The fears were further heightened after the largest cryptocurrency exchange in the world; Binance on the afternoon of Wednesday the 9th of November 2022, decided to drop its intent to purchase FTX.
The share price for American company that provides business intelligence, mobile software, and cloud-based services; MicroStrategy dropped by as much as thirty five (35) percent. Coinbase which is another Cryptocurrency exchange saw its share price drop by 9.54 percent today the 10th of November 2022.
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Silvergate which describes itself as the leading bank for innovative businesses in fintech and cryptocurrency experienced a twelve (12) percent drop, while the share price of financial services company; Galaxy Digital, dropped by 15.70 percent.
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Bitcoin mining company; Riot Blockchain and digital asset technology company engaged in mining cryptocurrencies; Marathon Digital also experienced drops in their share prices.
While popular decentralized digital currency; Bitcoin dropped by about fifteen (15) percent to around less than 16,000 United States Dollars (which is around 1.95 million Kenyan Shillings), it is now at around 16,607 United States Dollars which is around 2.022 million Kenyan Shillings.
For Ethereum which is a decentralized, open-source blockchain with smart contract functionality its price also dropped by fifteen (15) percent to hit 1,087 United States Dollars which is around 132,374 Kenyan Shillings. At the time of putting this article together, it is now at 1,275 United States Dollars which is around 155,270 Kenyan Shillings.
The Nasdaq Composite Index (IXIC) which is technology focused also experienced a 2.5% drop.
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A Senior Markets Analyst at Retail Foreign Exchange Dealer Oanda; Edward Moya stated that, “What is complicating today’s mood on Wall Street is that the liquidity crisis for FTX is spilling over into other cryptos.”
The Analyst added that, “FTX was viewed as one of the so-called safe crypto players and their demise is raising concerns that other key crypto companies could be vulnerable here.”
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