Bitcoin sinks to new yearly low at $16.8K as FTX insolvency fears turn into contagion

Crypto markets crumbled for a 2nd time arsenic the fallout from FTX’s liquidity troubles continued to negatively interaction capitalist sentiment. 

Bitcoin (BTC) terms fell to a caller yearly debased astatine $16,800 arsenic anonymous unconfirmed sources suggested that aft a person reappraisal of FTX’s books, Binance could backmost retired of their statement to get the beleaguered exchange.

Crypto marketplace performance. Source: Coin360.com

Other factors having a imaginable interaction connected the marketplace is simply a question of successive liquidations successful Solana’s DeFi markets. Earlier successful the day, Crypto.com speech emailed its users to pass them that each Solana blockchain-based USDC deposits were suspended

A announcement connected the Crypto.com website besides said:

“Please beryllium informed that we person suspended deposits and withdrawals of the USDC and USDCT connected the Solana Blockchain successful the Crypto.com App and Exchange.”

At the clip of writing, Solana (SOL) terms is down 34% and trades astatine $16.10. FTX’s autochthonal FTX Token (FTT) is besides 32% down connected the time and trades for $3.78

Daily liquidations information from Coinglass shows $832 cardinal successful full liquidations implicit the past 24-hours, and galore traders expect the fig to increase.

Total regular crypto marketplace liquidations. Source: Coinglass

Related: Galaxy Digital discloses $77M vulnerability to FTX, $48M apt locked successful withdrawals

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