Shockwaves from the events at one of the main cryptocurrency exchanges have spread across the crypto industry, leaving most investors counting their losses and the market down by tens of billions of dollars.
On November 9, Finbold received statistics from CoinMarketCap showing that the cryptocurrency market capitalization has fallen by more than $100 billion due to the chaos that followed the FTX controversy.
The total value of the cryptocurrency market decreased by $103 billion, or more than 10%, in the last 24 hours, from $983 billion to $880 billion, and by $110 billion in the past week.
The market fell from a high of $1.027 trillion to a low of $827 billion in the hours after news broke that FTX was about to collapse.
The issue started, as a reminder, when it became public knowledge that the FTX Token (FTT) dominated the balance sheet of Sam Bankman-trading Fried’s company, Alameda Research, indicating a strong relationship between the two elements of his economic empire.
Binance responded to this news by selling $500 million worth of FTT on November 6, causing a liquidity crisis for FTX and sparking some Twitter sniping between the two companies, about which OKX’s CEO warned of severe implications. According to Finbold’s prior report, the FTX token’s value dropped by as much as 80% in a single day.
Also Read: MIM Stablecoin Loses Dollar Parity On FTT Worries
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