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Bitcoin and Ether Experience Slight Dips in the Past 24 Hours

Bitcoin and Ether Experience Slight Dips in the Past 24 Hours

During Monday’s trading operations in Asia, the crypto market experienced a decline as Bitcoin fell below the resistance level of $26,000. Ether also fell to near the $1,600 mark after a hack on the X account of Ethereum founder Vitalik Buterin. Other top 10 non-stablecoin cryptocurrencies logged losses. Solana’s SOL led the losers with a 24-hour decline of more than 6%. 

Additionally, FTX, a bankrupt crypto exchange, could soon get the green light to liquidate its $3.4 billion in crypto holdings, adding to selling pressure in the market. 

Crypto Market Opens the Week with a Downtrend

In the last 24 hours, Bitcoin experienced a slight dip of 0.25%, trading at $25,831.97 in Hong Kong. It lost 0.53% for the week. Last Friday, Bitcoin briefly traded above $26,000 but soon lost that support level and remained range-bound over the weekend at around $25,900.

Ether, the native token of the Ethereum blockchain, fell 1.12% to $1,616.79 in the past 24 hours and dropped 1.18% over the past seven days. On Sunday, Ethereum founder Vitalik Buterin’s account on X (formerly Twitter) was hacked, leading to losses totaling around $691,000 for some of Buterin’s followers.

Crypto Market Opens the Week with a Downtrend

According to blockchain investigator ZachXBT, hackers posted links to a scam non-fungible token (NFT) project on Buterin’s Twitter page. They advised users to connect their crypto wallets before withdrawing the funds.

In the past 24 hours, all other top 10 non-stablecoin cryptocurrencies experienced losses. Solana, in particular, led the losers with a 6.17% fall to $18.25. This loss resulted in a weekly decline of 6.80%. The total market capitalization of cryptocurrencies has decreased by 0.74% to $1.04 trillion. On the other hand, trading volume has increased by 50.61% to $20.25 billion. 

The cryptocurrency market is currently experiencing a decline due to the latest news from FTX. According to a tweet from blockchain analysts Whale Alert on Saturday, FTX is expected to receive approval on September 13 to start liquidating its crypto holdings.

The exchange has proposed liquidating over $3 billion in recovered crypto assets, raising concerns among investors. The suggested method is to sell assets worth up to $200 million per week.

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