The two biggest cryptocurrency exchanges in the world, Binance and FTX, decided to unite to address what Binance dubbed a “liquidity crunch,” which sent the market for cryptocurrencies into a tailspin on Tuesday, the 8th of November 2022.
During the previous cryptocurrency crash, FTX established a reputation as the industry’s go-to bailout man. The platform generously offered millions of dollars in a revolving line of credit to bail out certain struggling digital currency firms.
But in an odd turn, the exchange went bankrupt and was forced to transfer its troubled assets to a rival, Binance. This process caused mass panic and had people try to withdraw their holdings from FTX as soon as they could. However, the crypto exchange has stopped processing withdrawals sending FTX’s native token FTT down by a whopping 30%. There has yet to be any information on if or when FTX will start processing withdrawals again.
In such a tense time in the crypto world, almost every crypto has fallen significantly, including the leading cryptos, Bitcoin (BTC) and Ethereum (ETH). There may be better paths than investing currently; however, the pre-sale coin Big Eyes Coin (BIG) may be a perfect choice if you are still looking to invest.
Bitcoin Grazes a New Low
Bitcoin is known as the most significant player in the crypto market. It was the first cryptocurrency launched in 2009. Since then, it steadily grew and exploded with the rise of crypto to the most popular and valuable crypto to own today.
However, like the majority of the crypto market, Bitcoin has its ups and downs. The current crash is one of many crashes this year. There was another major crash in June of this year. In November 2021, Bitcoin (BTC) hit an all-time high of over $68,000 after beginning the year at just under $30,000, while the cryptocurrency sector as a whole increased to a total market cap of more than $2 trillion. However, this success did not last, as the price of the coin soon started its downward spiral and reached a low of $17,708.62 on the 18th of June, 2022, during the first crash of the year.
As mentioned, this crash was the first of two this year. The second crash occurred on the 8th of November, 2022. The price of Bitcoin went even lower this time and reached $17,415.42 in the early hours of the 9th of November, 2022. The price fell lower than it was during the last crash.
Ethereum Finally Falls After Teetering
Like Bitcoin, Ethereum was also affected by the June 2022 crypto crash. It reached lows in the $900s, and this news was shocking to everyone in the crypto world. Unlike Bitcoin, Ethereum was not affected worse during the November crash compared to the June 2022 crash.
This does not mitigate the fact that Ethereum, like most other cryptocurrencies on the market, has been deeply affected by the November crypto crash. The cryptocurrency dropped to $1,164.09. This number is vastly lower compared to the highs it was experiencing in November 2021 when it reached prices of $4,800 per one ETH token. There is no telling whether the market will keep heading lower or not. Currently, investing in Bitcoin or Ethereum could cause you to lose money.
Big Eyes Coin Is the Safest Investment
Big Eyes Coin is a meme coin that is currently in the sixth stage of its pre-sale. The coin has yet to be released, but people can still invest and purchase the coin’s native BIG tokens via its pre-sale. The coin is doing exceptionally well and has raised a huge $9.71 million in its pre-sale so far. This number has been going up fast and was reached in a matter of weeks. The coin has enormous potential for success on the market when it is launched.
However, with the current state of the market, Big Eyes Coin is likely to wait to launch until the market levels out and reaches a less volatile stage. Investing in anything currently in the market may cause losses, but investing in anything in its pre-sale stage, like Big Eyes Coin, is the better option.
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.