Binance backs out of deal to buy FTX meanwhile UK to regulate the crypto industry.
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Cryptocurrency prices today: Bitcoin falls 1.13%, other major cryptos flatline.
The market capitalization of cryptocurrencies decreased by about 1.16 percent to $856.45 billion, while their trading volume increased by 18.26% to $39.38 billion
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Today's cryptocurrency market saw losses as prices for Bitcoin (BTC), Ethereum (ETH), and other coins dropped. Shiba Inu (SHIB) was up trading with minor gains, however all other dog-themed coins were down trading in the meme coin category.
Most of the time on December 5, BTC was trading upward. BTC's price suddenly dropped, it had fully given up all of its morning gains. BTC's price dropped below $17,000 by morning. BTC was available for as little as $16,922.43. The trading volume for BTC increased by 13.89% to $21,151,038,191
The price of Ethereum dropped 1.96 percent to $1,267.53 on the previous day, as of Tuesday morning. On December 5, the ETH market was rather erratic. However, ETH became fixated on its trading pattern and eventually started to experience losses. The lowest price of ETH was $1,252.47. The trading volume for ETH increased by 10.48% .
At $0.1022, Dogecoin dropped 1.88 percent. At $1,032,512,117, its 24-hour trading volume increased by 42.31 percent. Shiba Inu gained 0.53%, reaching $0.000009414.
Britain announces its aim to control the cryptocurrency market.
To establish a new regulatory framework for cryptocurrency firms, the nation holds regular meetings and consultations.
Britain has agreed to create regulations for the cryptocurrency industry, joining a number of other nations across the world. According to a source, the United Kingdom's new rules would cover a range of topics, including foreign businesses' sales in the country and promotion and marketing of cryptocurrency items. The UK's approach comes as the financial sector is still feeling the effects of recent events in the cryptocurrency space. Governments have launched a number of steps to control the industry and stop future occurrences of this kind.
The new regulations have lately been the subject of discussions and expert consultations in the UK. By 2023, if the new rules are in effect, the government might provide the industry with the much-needed support it needs to grow.
Binance withdraws from the agreement to purchase FTX: "Beyond Our Ability to Help"
The company backed out of the deal one day after cryptocurrency exchange Binance announced its intention to buy rival FTX for an undisclosed sum.
“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement, first reported by the Wall Street Journal and tweeted a few minutes later.