Crypto Market Value Decline by $100 Billion in 24 Hours

The market’s worth, which had surpassed $1 trillion on Wednesday morning, fell below $900 billion as traders reacted to speculations of liquidity issues at the significant exchange FTX.

The crypto market value of Bitcoin and Ethereum is decreased by more than 8% from the previous day



XRP, Dogecoin, and Cardano all experienced declines of over 12%


while Solana, whose noteworthy advocate Sam Bankman-Fried is, saw a 25% loss.


Futures tracking ether and bitcoin were liquidated for a total loss of $390 million, while liquidations for SOL futures lost $40 million.

A trader fails to have enough money to keep the trade open when they cannot meet the margin requirements for a leveraged position.


Due to the expectation that FTX would go bankrupt, market participants sold FTX-linked coins to reduce their possible losses.


Competitor Binance started to sell off more than $500 million worth of FTT it held on its books, which sparked a 24-hour drama that culminated with Binance agreeing to purchase FTX


Prices for FTT dropped by 70% to levels seen in the middle of 2021. Thus, the analysis has improved the $100 billion drop in the crypto market value in the past 24 hours


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