Almost $300M liquidated in 12 hours as market turns pink

Because the market took a tumble over the previous 12 hours, whole liquidations reached $294.78 million, Coinglass knowledge exhibits. Complete liquidations over the previous 24 hours stood at $339.29 million on the time of writing.

The crypto market took a flip for the more severe when FTX token (FTT) started dropping its worth quickly after a whale moved $44 million price of FTT to FTX.

The whale was suspected to be Binance however CEO Changpeng ‘CZ’ Zhao denied involvement within the transaction. FTT value tanked 30% within the hours following the transaction.

The massive FTT transaction triggered contagion fears linked with FTX and market maker Alameda Analysis, which owns the vast majority of FTX. Hypothesis arose after it was reported that Alameda’s $14.6 billion belongings largely comprised FTT and Solana (SOL) tokens. The Coindesk report questioned the liquidity of each corporations.

SOL value is down 10.37% over the previous 24 hours.

The 2 largest cryptocurrencies, Bitcoin and Ethereum, noticed their costs dip by round 5% over the previous 24 hours. Ethereum (ETH) liquidations outpaced Bitcoin over the previous 12 hours — $66.64 million price of ETH contracts have been liquidated whereas BTC liquidations amounted to $58.05 million, Coinglass knowledge exhibits.

FTT noticed $8.51 million price of liquidations up to now 12 hours whereas SOL liquidations reached $17.29 million. Dogecoin (DOGE) was additionally hit exhausting with $10.22 million in liquidations in the course of the interval.

The biggest single liquidation over the previous day happened on Okex, the place $1.9 million price of Bitcoin was liquidated.

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