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The FTX Crisis Caused The Loss of $100 Billion in The Crypto Money Market!


The FTX Crisis caused the loss of $100 billion in the crypto money market! With the growth of the liquidation problem of FTX, one of the largest financial exchanges in the crypto market, crypto investors have experienced huge losses. Total market capitalization has dropped by $134 billion, from $1 trillion last night to $866 billion today. The problem ended when FTX asked Binance for help after it stopped withdrawing. Despite the positive response from the CEO of Binance, a sharp exit from the market cannot be prevented. On the other hand, the data shows that although FTX has stopped the suspension, it continues to transfer money to the Alameda research.

A major flood has occurred in crypto futures trading

In addition to this development, there has been a large liquidation of up to $ 875 million in the last 24 hours, while reports have shown that the largest number of long periods has taken place after the Terra accident.

According to the latest data, open interest has fallen nearly 35% from its October figure and has fallen to June levels. In the current situation, we see that many investors are in a short position. It increases the chance of closing a short position if there is a short session. When we look at the latest market conditions, we see that the lowest price of Bitcoin in intraday trading continues to drop to $17,166. At the US session, Bitcoin is trading at $17,400, losing more than 10% per day. The daily loss on Ethereum is close to 20%. Ether, as a cryptocurrency that goes down to the top 10, is now trying to hold on to the $1,200 band.

The latest situation in the top 100 cryptocurrencies after the FTX crisis

Among the top 100, many cryptocurrencies continue to experience double-digit losses. The FTX local asset, FTT, remains stable in the $4 band all day after a 75% drop, while maintaining its position as the most bearish altcoin. Next is Solana, which enters the $18 group with a 24-hour loss of more than 30%. Lido DAO and Aptos are among the top altcoins with the biggest losses, with declines of more than 25%. Pax Gold, the gold-backed cryptocurrency, is currently the only cryptocurrency that continues to rise 2% per day.

As uncertainty continues in the cryptocurrency market, Binance’s next move on FTX is eagerly awaited. On the other hand, the crypto market may be affected by the US price data to be announced tomorrow.

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