Bitcoin tested the marks below $ 16,000, Ethereum failed $ 1100
On the night of November 10, bitcoin quotes fell below $ 15,600 (on the Binance exchange). Ethereum price has broken down $ 1100.
Over the past day, leading cryptocurrencies have fallen in price by 9.5% and 9.7%, respectively. At the time of writing, digital gold is traded near $ 16,750, ether – $ 1184.
According to Coingecko, the total capitalization of the cryptocurrency market decreased by almost 9%to ~ $ 874 billion. Of the largest digital assets indicator, BNB Coin (-12.1% per day) demonstrated the worst dynamics.
The price of Solana (SOL) collapsed by 22% (-48% per week)-the asset left the top 10 in capitalization. This is due 1inch and Revolut to the high concentration of SOL, SRM and other ecosystem tokens in the hands of Alameda Research, which is associated with the problematic exchange of FTX.
According to Huobi Research, there is a “high risk of elimination” SOL in landing protocols. Analysts noted that this will lead to “a significant drop in price”.
Huobi Research: The projects directly invested by FTX and Alameda as well as centralized institutions with which FTX has direct lending/borrowing and other cooperation relationships, will be the most important victims of this Lehman incident. Pic.Twitter.COM/XJJUNEUHTY
– Wu Blockchain (@wublockchain) November 10, 2022
Against the backdrop of fears regarding SOL stability, SOLANA validators actively remove the cryptocurrency from stakeing. According to SOLANA Compass, at the end of the era 370, more than 31 million coins will fall into the market (~ $ 490 million at the rate at the time of writing).
The collapse of the market provoked a large -scale wave of liquidation. According to Coinglass, over the past 24 hours, the positions of $ 694 million have been forcibly closed. Of these, almost $ 60 million fall on SOL.
JPMorgan believes that the “Cascade of Marzhin-Cools” can lead to a decrease in bitcoin quotes to $ 13,000. JPMorgan strategist Nicolas Panigirtzoglu emphasized that this process caused by FTX and Alameda Research has already begun.
On November 6, the head of Binance Chanpen Zhao announced the desire of the Exchange to get rid of Utility Token FTX (FTT). Assets with Busd in a total of ~ $ 2.1 billion steel by the company’s output from portfolio investment in the platform.
Against the backdrop of fears regarding the financial stability ftx, the price of ftt collapsed.
On November 8, Sam Bankman-Fried and Zhao announced strategic partnership. It was designed to resolve the liquidity crisis and suggested a possible absorption of FTX.
Recall that Coin Metrics suggested that the “major financial assistance” that the exchange was provided by Alameda Research in the second quarter of 2022.
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