Claim BonusCrypto 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.
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- Crypto, Banks Clash Over Fed’s Proposed ‘Skinny’ Accounts Ahead of White House Crypto Meeting
- XRP News: Ripple Expands Custody Services to Ethereum and Solana Staking
- Bernstein Downplays Bitcoin Bear Market Jitters, Predicts Rally To $150k This Year
- Breaking: Tom Lee’s BitMine Adds 40,613 ETH, Now Owns 3.58% Of Ethereum Supply
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
- Cardano Price Prediction as Midnight Token Soars 15%
