Crypto Chaos Continues as Market Drops Over $100 Billion Overnight

InfoNesia.xyz – The crypto market is deep in the red Thursday morning as the industry continues to reel from the fallout of Sam Bankman-Fried’s empire and Binance’s decision to walk away from the early announced plan to purchase the troubled FTX exchange.

Bitcoin (BTC) fell as low as $15,742 on Wednesday night before rebounding to the current price of $16,309, which is still a drop of 6.4% over the past 24 hours, per CoinGecko.

The industry’s leading cryptocurrency last traded below the $16,000 level during the November 2020 bull run.

The market has dramatically changed, with the overall negative sentiment among investors wiping off almost $100 billion of the cumulative market capitalization of all digital assets in a mere 24 hours.

The market slightly recovered on Thursday morning and is now valued at $856 billion; still, this represents the lowest point since January last year.

The last day also saw as much as $591 million in liquidations across multiple exchanges, with more than half of that being in long positions, according to Coinglass.

Bitcoin led liquidations with $227 million, Ethereum with $141 million, and Solana with $50 million.

Bitcoin Falls to Two-Year Low as Market Reels From FTX Fallout

The price of Bitcoin is now below $17,000—the first time that the asset has dropped that low since November 2020. It’s been a volatile week for crypto assets, as the market reacts to the news …

Solana’s troubles

Among the major cryptocurrencies, Solana (SOL), the native token of the eponymous blockchain network, is the worst hit after it plunged to a 20-month low of $12.80 on Wednesday before climbing up to $13.87 by press time.