FTX attachment meets crypto shares after taking over binance

FTX attachment meets crypto shares after taking over binance

The markets for digital assets are shaken by the revelations that the top exchange Binance could soon devour its main competitor FTX, which could cause chaos under the crypto shares.

on Coinbase on Tuesday afternoon by $ 17,500, the lowest level in almost two years. In the worst case, ether number two fell by 22 %, while the native TOKEN BNB from Binance lost 12 %.

Most top tokens have recovered slightly since their local lows. Nevertheless, the crypto market has lost 10 % of its total capitalization in the last 24 hours, falling below the $ 1 trillion and causing nominal loss of $ 100 billion.

More than 69 % were wiped out of $ 2.97 trillion $ 2.97 trillion, although around $ 1.9 trillion has been lost to date. In contrast, the bursting of the dotcom bubble around the turn of the century is erased Dollar from the stock markets.

Most sources with which block works have spoken are true - the last 24 hours were "crazy".

Core Scientific, one of the largest listed miners, crashed by almost 16 % on Tuesday, which was the worst hit under the Bitcoin mining shares, closely followed by the rival bit from Hong Kong Mining. However, Core Scientific won 3 % on Wednesday during the pre -exchangeable trade.

hut 8 MINING Group and Digihost Technology both collapsed by 12 %, while marathon digitally 5 % and another 5 % in the session in the early morning.

Surprisingly, the Stronghold Digital, based in New York, managed to cum out the impact, which rose by 2 % that day and ended at $ 0.83 per share. However, the share has given up these profits and a few more this morning.

Coinbase, practically the only listed pure play crypto exchange, recorded a break-in of 11 % and another 5 % during the pre-exchanging on Tuesday. Robinhood, the controversial discount broker, which also supports crypto trading, fell to $ 9.74 and remains somewhat stable until today's session.

Both Coinbase and Robinhood have experienced a shrinking trading volume, which contributed this year alongside crypto-native companies and technology giants.

The technology -based Nasdaq 100 rose by almost 1 %on Tuesday, while the wider S&P 500 increased by more than half a percent

The Kryptobank Silvergate is most affected among the digital asset shares

The digital asset managers Galaxy Digital and Bakt Holdings sank by 17 % and 2.5 % on this day, the latter fell by another 2 % pre-interfere.

Both stocks have broken up by about 80 % since the beginning of the year. EQONEX, a financial service company for digital assets, a nano-cap share that stopped in August also fell by almost 9 % to $ 0.40

Galaxy, led by Wall Street Maverick Mike Novogratz, is to reduce its workforce by 15 % in the second quarter of $ 555 million in the second quarter. The conference conference on the results of the third quarter of Galaxy is scheduled for Wednesday at 8:30 a.m.

The crypto depot banks Silvergate and Signature Bank each closed with more than 22 % and 4 % in the minus, now with a minus of 73 % or 57 % this year. On Tuesday, Silvergate was the worst of the 50 -analyzed block works on the worst, reducing crypto -related share. He fell by another 7 %.

The Silvergate based in San Diego, which moves the view of crypto infrastructure providers and exchanges, recorded a loss of $ 13.5 million in deposits

The software company (and pseudo-bitcoin-ETF) Microstrategy was not far behind and slid by 20.5 % and another 8 % before opening on Wednesday. Microstrategy has 130,000 BTC ($ 2.31 billion), which was acquired at the end of September for almost $ 4 billion, an average of $ 30,639, which estimates its paper losses at around 40 %

Elon Musk's car manufacturer Tesla, who, according to his recent disclosures, held 9,720 BTC ($ 172 million), crashed by 3 %, although it is more likely that Musk's dumping share was affected 3.9 billion dollars in shares of the social media platform Twitter.

The negative price movement in crypto shares has harmed the ETFs for digital assets. The Crypto Industry Innovators ETF (Bitq) from Bitwise, which is heavily weighted towards Microstrategy, Coinbase and Silvergate, stumbled by 10 %.

The crypto industry was surprised by the FTX collapse

The volatility to be felt on Tuesday is reminiscent of past events this year after an infection that had grasped some of the largest lenders in the industry, including Celsius Network and Voyager Digital - who are now undergoing bankruptcy proceedings.

with public newly pledged Client Crypto Saving Alameda Research in the second quarter flee investors to exit. Users have decided against the risk of keeping their crypto on FTX, and have decided to do it Pull off .

Despite the Leck from Alameda's alleged partial balance sheet at the end of last week caught unprepared. The developments are quickly escalated and within a few days FTX CEO Sam Bankman-Fried has now been forced for sale.

The question remains why FTX-which had a value of $ 36 billion in his last round of financing just nine months ago-applies to a rescue operation of his greatest rival. Proponents now ask whether ftx Partner capital to finance other activities.