The second week of December finally comes to an end with the crypto market still bearish after the FTX collapse. Bitcoin is still trading at $17k, FLOW drops 17% after Dapper did massive layoffs, and Binance in scandal pushes BNB coin down 9%.
As the year closes and festivities boom in the streets, the crypto market is like an abandoned lot in winter piled up with snow. The prices are quite stable as SBF, the ex-CEO of FTX, got arrested this week by Bahamas Authorities and brought to the US.
Although there’s no possibility of the exchange’s users getting their money, the rest of the Web3 industry is suffering as companies report bankruptcy or are on the verge of one in the near future.
Bitcoin is still trading in the range of $17,400 with a high of $17,700. The trading volume of the world’s largest cryptocurrency has dropped 23.89% in the past 24 hours, showing a consistent bearish pattern on the chart.
FLOW, the native coin of the Flow blockchain, which recently peaked after Instagram announced integration with for NFT feature, has dropped 17% at $0.90 over the last 24 hours after Dapper Labs, the creator of Flow and NBA Top Shot, laid off a major percentage of its staff members and NFT market decline.
On the other hand, Binance seems to have come under controversy following its AUP report, the experts assert that the exchange is in crisis but Changpeng Zhao denies such claims.
Nonetheless, the BNB is in crisis as the prices continuously drop 9% in the past week and currently trade at $261.
Overall, the market has gotten stable enough but it’s still at its lowest-lows. On the other hand, the Web3 industry is actively building and launching new projects by builders and creators, so there’s still hope that the market will catch up soon enough.
