fell from over $39,000 to only a little below $29,000 following the Terra collapse in May, showing a drop of 25%. It witnessed further fall in its price the following months but began rising again to reach around $24,000 in mid-August.Since then, BTC’s price had been oscillating between $19,000 and $22,000 and showing signs of resistance. The FTX collapse made its price fall from $21,354 to $17,316 today, showing a drop of around 20%.
Furthermore, the next most popular cryptocurrency ETH also witnessed the much talked about Merge in mid-September. With the Merge, the Ethereum blockchain transitioned from proof-of-work consensus mechanism to proof-of-stake mechanism. The price of ETH fell from $2,940 to $1,960 following the Terra ecosystem collapse, a drop of over 33%.In the anticipation of the Merge in September, its price quickly rose from $1,607 to $1,981. But post the Merge, all the noise around the altcoin died out, its price fell by 20% to $1,612 within a week.
The price movement of Ethereum has been rather volatile, oscillating around $1,300. Beginning November, its price began moving upwards and rose to $1,645 on 5 November. But once FTX collapsed, it fell down to $1,100. At press time, it exchanged hands at $1,297., crypto assets worth $2.98 billion have been stolen in 2022 itself.Buterin believes that though the FTX collapse is a huge tragedy, the problem was with the people investing in particular assets and not the technology.
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Source: CryptoAmb - 🏆 22. / 68 Read more »