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The cryptocurrency market loses $ 200 billion with the new BTC crash

New crash of the cryptocurrency market. If in fact just a few days ago the market of cryptocurrency was celebrating a significant rally between major cryptocurrencies and with Bitcoin which recorded a remarkable recovery exceeding the level of 20.000 dollars and reaching 21.500 dollars, today the story has changed radically.

The collapse of FTX has in fact dragged down all the tokens and many assets have recorded new historical lows.

The latest statistics show that BTC hit a two-year low, plummeting to $ 15.500 and leaving the market with a $ 200 billion loss. It all started with a clash between Binance and FTX, which led to the former's decision to liquidate the irregularities of its holdings in TLTRO. Not long after the feud, FTX had liquidated its holdings in ETH among the rumors of insolvency problems.

The cascade effect therefore hit Bitcoin. A few hours after celebrating the multi-week high above $ 21.500, Bitcoin plunged to $ 17.000. As the crisis continued, Bitcoin recorded another drop on Bitstamp yesterday. Finally, Bitcoin plummeted to $ 15.500, an all-time low since November 2020.

Although BTC has recovered over $ 1.000 since the last crash, its valuation - down 6,81% - is still below the psychological level. However, it maintains a market cap of over $ 317 billion and a dominant position of 38,4%. Bitcoin is not the only recipient of the heavy blow the market has suffered recently; other cryptocurrencies have experienced an even greater decline. For example, Ethereum fell from $ 1.600 to nearly $ 1.100 but recovered slightly above $ 1.300.

Binance Coin (BNB) also lost a lot of ground, dropping 8,87% after a brief rally to $ 400 with news of the FTX acquisition. BNB suffered a further decline following reports that Binance would no longer proceed with the acquisition of FTX.

Solana, which fell to $ 9 yesterday, is now trading at $ 14, down 17%. Given the news of the upcoming SOL token unlocking event, Solana may encounter more volatility in the next few hours. The overall cryptocurrency market has lost around $ 200 billion since the start of the feud between FTX and Binance.

In the meantime, the FTX situation is concerned. The token suffered a further loss in value of 42% and is now trading at $ 2,76. Given the circumstances surrounding the FTX situation, including the alleged investigations against the company, Binance has withdrawn its plans to acquire theexchange. In the announcement, Binance pointed out that it hoped to help FTX provide liquidity to settle its clients. However, it cannot overlook the fact that FTX has misused client funds. Binance has condemned FTX's bad trading practices, stating that such players must be eliminated from the market.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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