Market Bleeds Red as BTC and ETH Exhibit Lowest Price in Two Weeks

Earlier today, Bitcoin (BTC) and Ethereum (ETH) witnessed the lowest price in the past two weeks. The drop can be attributed to various factors including the fall in cryptocurrency exchange FTX’s token, inflation, and preventive measures for upcoming US midterm elections.

BTC dropped nearly 6.4% to $19,370 and ETH went down by 9% to $1,434. Both the top cryptocurrencies slumped at levels unseen since October 25. However, at the time of writing, BTC and ETH are trading at $19,788 and $1,484 respectively. Meanwhile, Solana, which had been in the news lately, fell nearly 20%.

Experts speculate that cryptos, especially Bitcoin will get past its ‘risky investment image’ gradually after the midterm elections and inflation report.

In fact, Bitcoin’s pricing plunging below $20,039 can further decline to test the $18,000 mark and in that case, the rally would only be delayed further.

The inflation ghost and the central bank’s hike in interest rates for handling inflation caused digital assets to struggle a lot in 2022.
If that was not enough, another factor that prompted the crypto selloff was the ongoing face-off between Sam Bankman-Fried’s FTX and Chanpeng Zhao’s Binance after which FTX’s native token FTT slumped. Analysts believed that FTT may become an illiquid asset putting investors at significant financial losses and would have met the same fate as Terra LUNA. Seemingly, FTX and Alameda Research, whose CEO recently offered to buy all of Binance’s FTT tokens at $22 are triggering uneasiness amongst crypto traders and is hurting the market immensely.