Top cryptos down upto 13%, Bitcoin falls below $20K

Top cryptocurrencies in Tuesday’s session continued their losing streak and were down up to 13%. Bitcoin, trading with a cut of 5% breached the crucial $20K mark and last traded at $19,800. Similarly, the second largest token by market capitalization-Ethereum also traded lower with a cut of over 5% at $1484.

According to the the Bloomberg report, the sell-off in cryptos intensified on Tuesday after FTT, the cryptocurrency exchange FTX’s token, fell below a level suggested by an affiliate as an offer price, after an increase in withdrawals that was triggered when competitor Binance Holdings announced plans to sell all its token.

On Sunday, Changpeng Zhao, CEO of top crypto exchange Binance, announced plans to sell the bourse’s roughly $530 million holding of FTT. Later, Caroline Ellison, the CEO of Bankman-Fried’s trading house Alameda Research, offered to buy all of Binance’s FTT tokens at $22. But that price level has been breached on Tuesday with FTT falling below $18 mark.


Meanwhile, on the continued sell-off, the global crypto m-cap again sank below the key $1 trillion level and was down by over 4% at $983.11 billion levels. Nevertheless, the total crypto market volume over the last 24 hours is $118.60 billion, which makes a 60.31% increase, according to Coinmarketcap.com.