FTX's native coin taking a beating after recent Binance drama.

FTX's native coin is not doing well today after the recent drama with Binance.

Bitcoin's recent price drop below $20,000 is a disappointing turn of events for investors who were hoping the cryptocurrency would continue to rise in value. However, it's important to remember that bitcoin is still a relatively new asset, and its price is therefore subject to more volatility than more established assets.

It's been a tough day for cryptocurrency investors, with most major coins in the red. The exception is Chainlink, which is bucking the trend and moving higher.

Bitcoin falls below $20,000

The rise in the value of Bitcoin last week was a positive development for the cryptocurrency. It jumped above $20,000 and went as high as $21,500 during the weekend, marking a multi-month peak. Even the US Federal Reserve’s interest rate hike didn’t push BTC below $20,000. This is a sign that Bitcoin is becoming more stable and is gaining more mainstream acceptance.

It is clear that the bears are in control of the market at the moment, as they have been able to push the price of Bitcoin down by over $1,000 in a matter of minutes. However, it is also worth noting that Bitcoin has bounced back somewhat and is currently trading at around $19,400. It will be interesting to see how the market develops over the next few hours and whether the bears will be able to maintain their control.

It's been a tough few months for Bitcoin. Despite recovering a few hundred dollars since then, the asset still struggles beneath $20,000. This enhanced volatility brought pain for over-leveraged traders, with the total liquidations skyrocketing to almost $400 million on a daily scale. Looking ahead, it's hard to say where Bitcoin will go from here. The asset remains highly volatile, and it's unclear whether the recent uptick in price is sustainable.

The cryptocurrency market has been volatile lately, with Bitcoin's market capitalization going up and down. However, it remains the dominant player in the market, with a 38.6% market share.

BTCUSD. Source: TradingView
BTCUSD is a popular digital currency that has seen a lot of volatility in recent years.

FTT Leads the Way Down

It is clear that Changpeng Zhao is not happy with the recent developments at the SBF-led exchange and has decided to take drastic action by liquidating all of Binance's FTT tokens. This has caused immediate price volatility for FTX's native cryptocurrency, which is likely to continue in the short-term. However, it is unclear what this means for the long-term prospects of the exchange and its associated token.

The situation with FTX appears to be worsening, with the asset dropping below $20 today. This is a significant decline, and it is unclear how long it will continue. SBF's response has not been enough to stem the tide, and it remains to be seen what will happen next.

It's been a tough day for cryptocurrencies, with most major coins seeing significant declines. Ethereum is down by 5% and trades under $1,500, while Cardano, MATIC, Polkadot, Tron, and OKB have all declined by up to 5%. This sell-off appears to have impacted the entire market, with red dominating the scene.

It's clear that the cryptocurrency market is in a state of flux at the moment. More losses are evident from the likes of Ripple, Dogecoin, Solana, Shiba Inu, Avalanche, and others.

The cryptocurrency market has seen a sharp decline in recent days, with the total market value of all assets falling below $1 trillion. This represents a significant drop from the highs of earlier this year, when the market was worth over $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
The cryptocurrency market is in a period of transition. After a prolonged bear market, many coins are now seeing renewed interest and increased trading activity.

The drama between Binance and FTX appears to have taken a toll on the crypto markets, with a $70 billion loss being reported. This is a significant drop, and it will be interesting to see how the markets recover in the days and weeks to come.