In one of the largest and fastest market crashes of the year, $132 billion has been wiped out of crypto assets. What is more remarkable is that this has happened over the past 12 hours.
According to CoinGecko, the total market cap has slumped from $1.07 trillion 12 hours ago to $938 billion at the time of writing.
Most of the major crypto assets are suffering double-digit losses with the native FTX token leading the pack. FTT has dumped a whopping 75% over the past few hours as liquidity and insolvency concerns grow.
The move was accelerated by the announcement that the exchange will be taken over by rival Binance.
The Big Crypto Markets Washout
Crypto markets are now at their lowest levels since mid-September, teetering on a long-term support zone. A break below current levels will send crypto assets to a new low for this bear market cycle.
After breaking above it on Oct. 25, markets have now dumped back below the 50-day moving average, according to Tradingview.
Bitcoin has dumped 10% on the day in a fall to $18,200 at the time of writing. BTC has lost a whopping 15% since its weekend high of $21,500.
Ethereum is in an even worse position, having lost 14% on the day in a fall to around $1,300. Since its weekend high, ETH has dumped a painful 21% (in less than 4 days).
Altcoins are bleeding out at the moment, with the biggest double-digit losses for Ripple (XRP), Dogecoin, Polygon, Solana, and Chainlink, all dropping more than 12%.
Contagion Continues
As if the grim global macroeconomic situation wasn’t bad enough for the crypto industry, it now has another contagion to deal with.
Two of the biggest billionaires in the industry have been battling it out, and, as usual, it is the retail investor that suffers.
Bloomberg has reported that Sam Bankman-Fried’s fortunes have been decimated, but it is unlikely he will lose any sleep over it, considering how much he is still worth.
The definition of down bad. pic.twitter.com/aPWw8QTIsi
— eric.eth (@econoar) November 8, 2022
Industry commentator Colin Wu said that SBF’s quick decision to sell FTX was because he “doesn’t want to be Su Zhu or Do Kwon.”
Meanwhile, the Binance monopoly keeps growing into the Google of crypto.
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