MEXCCrypto Loses More Than $100 Billion In Single Day, What’s Next?
Crypto Crash News Updates: After the bloodbath caused by the FTX meltdown, the cryptocurrency market is in an uncertain situation. In a latest development, the website of Sam Bankman-Fried’s Alameda Research went dark. In this context, the market faces tough time ahead with potentially increased legal troubles and regulatory scrutiny across jurisdictions. Also, the crypto market could face a deeper crypto crash if uncertainty around FTX liquidity issues drags on.
Massive Crypto Loss In One Day
The announcement of Binance’s potential acquisition of FTX came as a huge negative outcome for the crypto market. Soon after the announcement, the crypto prices began to plummet drastically. Overall, the market saw huge crypto loss in the last 24 hours. According to CoinMarketCap statistics, more than $100 billion worth of value was wiped out from crypto assets due to the price drop. Compared to the total crypto market capitalization of $935 billion 24 hours ago, the market cap is currently at $823 billion, effectively erasing $112 billion in one day.
In what appears to be a sign of further more uncertainty, reports suggested that Binance is not inclined towards proceeding with the FTX deal. The hesitancy resulted from poor results in Binance’s internal assessment of FTX’s financials. The report said Binance evaluated FTX’s internal data and loan agreements. If Binance does not go ahead with acquiring FTX, the Sam Bankman-Fried exchange could be on path for insovency. This would be even more bearish for the crypto ecosystem as it could only worsen the uncertain environment.
Solana (SOL) stands as one of the top cryptocurrencies that plummeted that most after the FTX meltdown. As of writing, SOL price stands at $13.86, down 41.51% in the last 24 hours, according to price tracking platform CoinMarketCap. Meanwhile, the FTX token (FTT) price fell by around a staggering 87% in last few days. As of writing, FTT price stands at $3.35, down 23.54% in last 24 hours.
- Trump Insider Whale Reloads $430M Long on BTC, ETH Ahead of Tomorrow’s Fed Rate Cut Decision
- Breaking: $2.6B Western Union Announces Plans for Solana-Powered Stablecoin by 2026
- Trump Media Launches Polymarket Rival, Eyes $9B Prediction Market with Crypto.com
- Bitget Lists Common Token, Launchpool Offers 36M COMMON in Rewards
- Coinbase Prime Taps Figment to Boost Institutional Staking on Solana, Cardano, and Sui
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
