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Why Crypto Market is Crashing Today? 

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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The news of Binance Acquiring FTX created negative impact in the Crypto Market. Cryptocurrencies plunged Tuesday as investors digested an emergency deal struck for an undisclosed sum between major crypto exchanges Binance and FTX. 

As a result, the cumulative market cap had dipped from its coveted position above $1 trillion after losing over $70 billion in a single day. Notably, BTC tumbled to a two-year low of $16,950 before steadying. BTC last visited sub-$17,000 in November 2020.

FTT, the utility token of crypto exchange giant FTX, collapsed by more than 75 per cent to around US$4.70 

BTC, ETH, SOL, FTT, DOGE, and BNB saw the largest liquidations.

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