The dramatic takeover of FTX, formerly the world�s second-largest digital asset exchange, by its dominant rival Binance, has caused heavy losses across the entire cryptocurrency market, just as things were starting to appear stable. Apparently stability can only last so long, and the consolidation carved a US$100bn wound, causing global market capitalisation to drop below US$900bn. At the top end of the market Ethereum was the worst hit, having dipped around 15% this Wednesday. Currently changing hands at US$1,277, ether could test the US$1,260 support line should the market continue to move in a downward direction. Bitcoin is hardly responding well to the volatility, having fallen as low as US$16,900 before the bulls stepped in, bringing the coin back to US$18,200. #ProactiveInvestors #TheCryptoReport #bitcoin #ethereum #ether #binance #ftx #ftxtoken