CryptoSlate Daily wMarket Update – Nov. 8: Crypto markets lose almost $100B as FTX implosion leads to carnage

In the past 24 hours, the cryptocurrency marketplace headdress saw outflows successful excess of $100 cardinal arsenic the manufacture plunged to $875.52 cardinal from $971.29 cardinal arsenic of property clip — down 11.02%.

Bitcoin and Ethereum marketplace headdress fell by 9.06% and 17.56% to $341.85 cardinal and $149.58 billion, respectively.

The apical 10 cryptocurrencies recorded monolithic losses implicit the reporting play arsenic FTX’s implosion heavy impacted the market. Solana posted the highest loss, losing 30.85% implicit the reporting period.

Most apical 10 integer assets recorded losses of implicit 6% — BTC and ETH fell by implicit 10%, respectively. Tron posted the smallest nonaccomplishment — down 2.85%.

Top 10 Cryptocurrencies (Source: CryptoSlate)

The marketplace caps of Tether (USDT) and BinanceUSD (BUSD) somewhat accrued to $69.8 cardinal and $23.06 billion, respectively. USD Coin (USDC) marketplace headdress decreased to $42.7 billion.

Bitcoin

Over the past 24 hours, Bitcoin posted losses of 10.02% to commercialized astatine $17,724 arsenic of 07:00 ET. Its marketplace dominance accrued to 39.1% from 38.66%.

After concisely spiking supra the $20,000 mark, BTC printed a immense reddish candle that saw it commercialized astatine a caller carnivore marketplace debased of $17,500 astir 15:00 UTC. The flagship integer plus continued to commercialized sideways for the remainder of the day.

BTC 24-Hour Price Performance (Source: Tradingview)

Ethereum

ETH decreased 18.64% to $1,204 arsenic of 07:00 ET. Its marketplace dominance besides dropped to 17% from 18.58%.

Like BTC, ETH concisely spiked supra the $1,500 enactment earlier gradually declining to astir the $1,200 region. The second-largest integer plus bottomed astatine $1,157 implicit the reporting period.

ETH 24-Hour Price Performance (Source: Tradingview)

Top 5 Gainers

Counos X

CCXX is the day’s biggest gainer, rising by 100.59% to commercialized astatine $35.98 arsenic of property time. It was unclear wherefore the token was rising. Its marketplace headdress stood astatine $644.75 million.

Stasis Euro

EURS is up 10.2% implicit the reporting play and is trading for $0.99. The Euros-based stablecoin has enjoyed a flurry of caller activities, with Circle announcing that it would beryllium disposable connected Solana by 2023. Its marketplace headdress stood astatine $123.65 million.

Hex

HEX is besides among the day’s apical gainers, rising 9.48% to $0.03 arsenic of property time. Its marketplace headdress stood astatine $5.91 billion.

Tether Gold

XAUT has risen by 2.16% successful the past 24 hours to $1,703.38 arsenic of property time. The precious metal-backed integer plus has enjoyed mild maturation implicit the past 7 days, rising 3%. Its marketplace caps stood astatine $419.92 million.

Pax Gold

Another gold-backed integer plus among the apical gainers is PAXG, expanding by 2.3% implicit the reporting play to commercialized astatine $1,701 arsenic of property time. Its marketplace headdress stood astatine $553.33 million.

Top 5 Losers

FTX Token

FTT is the day’s biggest loser, losing 75% of its worth implicit the past 24 hours to commercialized astatine $4.42 arsenic of property time. The monolithic sell-off wiped disconnected implicit $1.5 cardinal from the marketplace headdress of the struggling crypto steadfast autochthonal token. Its marketplace headdress stood astatine $596.63 million.

Serum

Another FTX-linked token that capitulated wrong the past 24 hours was SRM. The Solana-based DEX token fell by 42.06% to $0.40 arsenic of property time. Its marketplace headdress stood astatine $106.56 million.

Hashflow

HFT is connected the day’s biggest loser database for the 2nd consecutive aft losing 38.27% implicit the reporting play to commercialized astatine $0.56 arsenic of property time. Its marketplace stood astatine $102.6 million.

Solana

The FTT-led carnage besides adversely affected the autochthonal token of the layer1 blockchain web SOL. The integer plus plummeted by 35.93% to $18.20 arsenic of property time. Speculations are rife that Binance’s acquisition of FTX could negatively interaction the network. Its marketplace headdress stood astatine $6.59 billion.

Synapse

SYN recorded a 31.28% nonaccomplishment implicit the past 24 hours to commercialized astatine $0.64 arsenic of property time. The cross-chain protocol has experienced a sell-off implicit the past 7 days, tanking by implicit 30%. Its marketplace headdress stood astatine $89.02 million.

The station CryptoSlate Daily wMarket Update – Nov. 8: Crypto markets suffer astir $100B arsenic FTX implosion leads to carnage appeared archetypal connected CryptoSlate.