The cryptocurrency market is facing very bearish conditions as the FTX crisis continues to unfold.

Bitcoin prices are down over 7% in the last 24 hours.

This brings bitcoin’s weekly loss to more than 11%, as bitcoin’s price has fallen and tested a new annual low of $17,603, according to coinmarketcap.

Performance of Altcoins:

Altcoins were hit hard as the FTX crisis wiped out all the gains made by some altcoins from the market.

Ethereum is more bearish than Bitcoin as it is down more than 11% in the last 24 hours.

Ethereum price is down 18% since last week and is currently trading at $1,292.

Solana coin is one of the biggest losers in the cryptocurrency market.

Some analysts and experts believe that Solana is one of the cryptocurrencies most affected by the crisis of the FTX trading platform.

SOL cryptocurrency has fallen 20% in the last 24 hours and 34% in the last 7 days.

Cryptocurrency Solana is trading at $21 at press time and bearish sentiment is almost certain to drive prices lower.

Cardano is one of the most volatile cryptocurrencies with a 4% drop in the last 24 hours.

Dogecoin and the Shiba Inu meme are also suffering, with DOGE price down 14% since last day while SHIB price down 7%.

Project Polygon’s cryptocurrency is back below the $1 level with the crypto market collapsing, with MATIC down 13% in the last 24 hours and the coin trading at $0.95.

Why is the crypto market less than $1 trillion?

The cryptocurrency market has been in decline due to financial difficulties experienced by FTX, which ended after Binance announced the acquisition of FTX.

Binance CEO CZ also revealed a liquidity crunch on FTX’s balance sheet.

Concerns about Alamelamma’s bankruptcy are also very high.

The crypto market is expected to witness more volatility especially with today’s US midterm elections and CPI data.

Also read:

Cryptocurrency exchange Coinmetro has managed to secure $7 million in seed funding

Almost $400 million has been liquidated since the BTC price dropped below $20,000