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.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: OCC Grants Ripple Conditional Approval For Banking License
- Crypto ETF Issuer Bitwise Defends Michael Saylor’s Strategy, Urges MSCI Neutrality on DATs’ Inclusion
- Fed’s Goolsbee “Optimistic” About More Rate Cuts Next Year Despite FOMC Dissent
- Coinstore Unveils 5-Year Roadmap as Exchange Marks Fifth Anniversary
- Dogecoin ETFs Fail to Attract Capital Despite Hype as Expert Maintains $1 Price for 2026
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
- Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect
- Top 3 Price Predictions for Bitcoin, Ethereum, and XRP in DEC 2025
- Will Chainlink Price Break Toward $20 After 84K LINK Reserve Increase?
- XRP Price Target $3 as Spot ETFs Continue to See Inflows
