Specifically, the global crypto market has decreased from $983 billion to $880 billion in the preceding 24 hours, a loss of $103 billion or more than 10%, and a loss of $110 billion for the week.
Notably, the most substantial drop occurred just hours after it was revealed that FTX was on the verge of collapsing, with the market dropping from its peak of $1.027 trillion to as low as $827 billion.
Chainlink (LINK) gains more than 6% in 24 hours in a bear market; here’s why. FTT falls 80%, erasing $2.5 billion from its market capitalization.
As a reminder, the problem occurred when it was disclosed that Sam Bankman-trading Fried’s firm Alameda Research’s balance sheet was mostly of the FTX Token (FTT), revealing a strong relationship between the two elements of his economic empire.
In reaction to this disclosure, Binance liquidated $500 million in FTT on November 6, placing FTX in a bit of a liquidity bind and sparking some Twitter sparring between the two, which OKX CEO warned might have disastrous effects.
As a result, the FTX token dropped up to 80% in a single day, wiping out about $2.5 billion from its market worth, as Finbold previously reported.
However, in an unexpected turn of events, Binance reached out to its competitor on November 8 by establishing a non-binding agreement to purchase FTX in order to aid it in recovering and preventing the crisis from spreading across the sector after the crypto exchange requested help.
However, the damage appears to have already been done, as the ramifications of the crisis have spread to all other assets, including Bitcoin (BTC), which has fallen more than 9% on the day and is now trading at $17,917.
It needs to be seen how much Binance’s recent initiatives will help relieve these implications while market uncertainty persists.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
CoinCu News
Explore why Qubetics, Bitcoin, and AAVE are the Best Coins to Join Now. Dive into…
MicroStrategy buys 15,350 BTC; Ripple launches RLUSD; Lido exits Polygon; BTC drops post-ATH; reduced liquidity…
Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…
Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
This website uses cookies.