- Bitcoin, and other cryptos erase their short-term gain rally.
- The market slump was triggered by lost confidence post-FTX collapse.
- BTC has fallen below $17,000 at press time.
Major cryptocurrencies, including bitcoin and other altcoins, are erasing their gains as the majority of the coins are falling after a brief rally this week. Bitcoin and Ethereum were showing signs of a slight recovery, with over 3% and 7.7% gains, respectively, in the last seven days.
However, market confidence has not been visibly restored following the fall of cryptocurrency behemoth FTX. Major cryptos, including Bitcoin and Ethereum, are all trading in the red.
As per the data from CoinMarketCap, the only top gainers in the last 24 hours are EthereumPoW (ETHW), Terra Classic (LUNC), and Trust wallet (TWT), with 20%, 13%, and 9% gains, respectively. Bitcoin and Ether have also lost 17.34% and 19.81%, respectively, in the last 30 days.
BTC was hovering around $21,000 before the FTX collapse triggered a market bloodbath. It fell to a low of $15,590 before trading at its current price of $16,921 in the last 30 days. ETH is going through a similar scenario, touching a high of $1,661 before plummeting back to the $1,000 range in the last 30 days. ETH is trading at $1,272 at press time.
Dogecoin, the king of meme coins, was one of the top performers in the last 7 days. After the revelation of Twitter 2.0 and the likelihood of incorporating DOGE for payments on Twitter, the meme coin rose over 20% in the last seven days. However, the prolonged bear market has wiped out the gains, with DOGE down 4% in the last 24 hours.
The catastrophic fall of FTX has definitely pushed back a group of investors from their HODLing nature. There was also a considerably higher amount of exchange outflows as investors veered towards self-custody.