Cryptocurrency

Crypto markets lose almost $100B as FTX implosion leads to carnage

In the last 24 hours, the cryptocurrency market capitalization has seen an outflow of over $100 billion, with the industry plummeting from $971.29 billion at the time of writing to $875.52 billion, down 11.02%.

Bitcoin and Ethereum market caps fell by 9.06% and 17.56% respectively to $341.85 billion and $149.58 billion.

The top 10 cryptocurrencies recorded huge losses during the reporting period as the FTX implosion had a huge impact on the market. Solana recorded the biggest loss, during the reporting period he recorded a loss of 30.85%.

Most of the top 10 digital assets posted losses of 6% or more, with BTC and ETH each down 10% or more. Tron lost the least, down 2.85%.

CryptoSlate wMarket Update
Top 10 Cryptocurrencies (Source: CryptoSlate)

The market caps of Tether (USDT) and BinanceUSD (BUSD) increased slightly to $69.8 billion and $23.06 billion respectively. USD Coin (USDC) market capitalization dropped to $42.7 billion.

Bitcoin

Over the last 24 hours, Bitcoin recorded a 10.02% loss and traded at $17,724 as of ET 07:00. Its market dominance increased from 38.66% to 39.1%.

After briefly surpassing $20,000, BTC printed a giant red candle and traded at a new bear market low of $17,500 around 15:00 UTC. The flagship digital asset continued to trade flat for the rest of the day.

CryptoSlate wMarket Update
BTC 24 Hour Price Performance (Source: Tradingview)

ethereum

ETH fell 18.64% to $1,204 at 07:00 ET. Market dominance also dropped from 18.58% to 17%.

Similar to BTC, ETH briefly surged above the $1,500 support before slowly dropping back to near $1,200. The second largest digital asset, he bottomed out at $1,157 during the reporting period.

CryptoSlate wMarket Update
24 Hour Price Performance of ETH (Source: Tradingview)

top 5 price increases

Kunos X

CCXX rose 100.59% to trade in $, the biggest gainer of the day.35.98 in press time. It was unclear why the token was going up. Its market cap was he $644.75 million.

stasis euro

euro rises 10.2% of the reporting period, trading at $0.99. The Euro-based stablecoin continues to enjoy new activity, including Circle’s announcement that it will be available on Solana by 2023. Its market capitalization was $.123.65 million.

Hexadecimal

HEX is also one of the top daily risers, rising 9.48%.0.03 at the time of writing. Its market capitalization he was $5.91 billion.

tether gold

XAUT is up 2.16% over the last 24 hours. $1,703.38 at press time. Digital assets backed by precious metals have seen moderate growth over the past seven days, up 3%.Its market capitalization was $419.92 million.

pax gold

Topgain’s other gold-backed digital asset is PAXG, which has increased 2.3% and traded for $ over the reporting period1,701 at press time.Its market capitalization was $553.33 million.

top 5 losers

FTX token

FTT was the biggest loser of the day, losing 75% in value in the last 24 hours and trading at $4.42 at the time of writing. The massive sale has wiped out more than $1.5 billion from the struggling crypto company’s native token market cap.Its market capitalization is $596.63 million.

serum

Another FTX Link token that surrendered within the last 24 hours was SRM. Solana-Based DEX Token Drops 42.06% to $0.40 at time of writing. Its market cap was he $106.56 million.

hash flow

HFT is on the day’s biggest losers list for the second consecutive time after falling 38.27% during the reporting period and trading at $0.56 at the time of writing.That market was $102.6 million.

Solana

The FTT-led carnage has also negatively impacted the native token of the layer 1 blockchain network SOL.digital assets plummeting 35.93% to $18.20. Speculation is rife that Binance’s purchase of FTX could negatively impact the network. Its market capitalization was $6.59 billion.

synapse

SYN has lost 31.28% in the last 24 hours and is trading at $0.64 at the time of writing. Cross-chain protocols have plummeted over the past seven days, dropping more than 30%. Its market capitalization was $89.02 million.

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