The crypto market is currently drowning in a sea of red in one of the biggest daily declines of the year. The move has sparked a spate of FTX and Binance battles this week.
In one of the biggest and fastest market crashes of the year, $132 billion was wiped from the crypto asset market. What's even more impressive is that this happened in less than 24 hours.
According to the CoinGecko website, the total capital market has declined from $1.07 trillion to $938 billion in less than 24 hours. Most major cryptoassets suffered double-digit losses with FTX tokens leading the way in losses. FTT has lost 71% to $4.64 at the time of writing, as liquidity and insolvency concerns grow.
The crypto market is currently at its lowest level since mid-September, teetering on a long-term support zone. A break below current levels will send the crypto asset to new lows for this bearish market cycle. The market has now collapsed below its 50-day moving average,
Bitcoin has lost 10% to trade at $17,658.87 in 24 hours. BTC has lost as much as 15% since its weekend high of $21,500.
Ethereum is in worse shape, having lost 17% on the day falling to around $1,218. Altcoins are bleeding at the moment, with the biggest double-digit losses for Ripple (XRP), Dogecoin, Polygon, Solana and Chainlink, all falling more than 12%.
The market is increasingly losing hope with the addition of the bleak global macroeconomic situation. Bloomberg has reported that Sam Bankman-Fried's fortune has taken a big hit. Industry commentator Colin Wu said that SBF's quick decision to sell FTX was because he did not want to become like Su Zhu or Do Kwon. On the other hand, the Binance monopoly continues to grow.
