NewsletterCrypto 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.
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