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Bitcoin sinks to fresh yearly low of $16.8k as FTX bankruptcy fears turn into contagion

Published on

January 10, 2023
Read Time:1 Minute, 19 Second

Crypto markets collapsed for a second day because the fallout from FTX's liquidity issues continued to weigh on investor sentiment.

Bitcoin (BTC) worth fell to a recent yearly low of $16,800 as nameless unconfirmed sources recommended Binance might again out of its settlement to accumulate the ailing alternate after a better have a look at FTX's books.

Crypto market efficiency. Supply: Coin360.com

Different components doubtlessly impacting the market embrace a wave of back-to-back liquidations in Solana's DeFi markets. Earlier within the day, alternate from Crypto.com emailed its customers to tell them that each one Solana blockchain-based USDC deposits have been suspended

A discover on the Crypto.com web site additionally stated:

"Please notice that we've got suspended USDC and USDCT deposits and withdrawals on the Solana blockchain on the Crypto.com app and alternate."

On the time of writing, Solana (SOL) is down 34% and buying and selling at $16.10. FTX's native FTX token (FTT) can be down 32% on the day, buying and selling at $3.78

Coinglass day by day liquidation knowledge exhibits complete liquidations of $832 million over the previous 24 hours, and lots of merchants anticipate the quantity to rise.

Complete day by day crypto market liquidations. Supply: coin jar

Associated: Galaxy Digital publicizes $77m dedication to FTX, $48m seemingly locked in withdrawals

The views and opinions expressed herein are solely these of the writer and don't essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it is best to do your individual analysis when making a choice.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 10, 2023
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