Jan 7, 10:53 PM

Bitcoin Drops to $95,300, ETH at $3,360, SOL at $197 as Backpack Acquires FTX EU for $32.7 Million

In recent developments within the cryptocurrency market, Bitcoin (BTC) has experienced volatility, dropping to approximately $95,300, a 6% decrease. Ethereum (ETH) and Solana (SOL) also faced declines of 8%, with ETH trading around $3,360 and SOL at $197. This downturn follows a period of significant inflows into Bitcoin exchange-traded funds (ETFs), which saw nearly $1 billion in inflows over two consecutive days. Notably, Backpack Exchange has acquired FTX EU for $32.7 million, a move aimed at expanding its operations. Additionally, Coinbase successfully won an interlocutory appeal in its ongoing case against the SEC, which has been paused due to conflicting rulings regarding digital asset regulations. Meanwhile, Ripple has partnered with Chainlink to enhance the pricing and trading of its RLUSD stablecoin. Market sentiment remains cautious as inflation fears resurface, contributing to the recent sell-off in major cryptocurrencies.