Crypto Market Loses $200 Billion As Bitcoin Plunges

newsbtcОпубліковано о 2022-11-11Востаннє оновлено о 2022-11-14

Анотація

Some days back, the crypto market was celebrating a significant rally in the price of major cryptocurrencies. Bitcoin hit a remarkable recovery surpassing the $20K level to $21,500. However, the...

Some days back, the crypto market was celebrating a significant rally in the price of major cryptocurrencies. Bitcoin hit a remarkable recovery surpassing the $20K level to $21,500.
However, the story quickly changed as the FTT crash dragged the other tokens down. Due to the ongoing FTX crisis in the crypto space, many assets have recorded new all-time lows.
Latest reports show that BTC has hit a two-year low, plummeting to $15,500 and leaving the market with a $200 billion loss. It all began with a clash of interest between Binance and FTX, which drove the former’s decision to liquidate its FTT holdings irregularities. Not long after the feud, FTX liquidated its ETH holdings amid rumors of insolvency issues.
Bitcoin Plummets To A Two-Year Low
The cascade effect landed on Bitcoin. Within hours after the celebration, the multi-week high above $21,500, Bitcoin crash-landed to $17,000. As the crisis continued, Bitcoin recorded another decline on Bitstamp yesterday. Finally, bitcoin slumped to $15,500, an all-time low since November 2020.

Crypto Market Loses $200 Billion As Bitcoin Plunges

Bitcoin price recover l BTCUSDT on Tradingview.com Although BTC has recovered over $1000 since the last slump, its valuation – 6.81% down – is still below the psychological level. Nevertheless, it maintains a market cap above $317 billion and 38.4% dominance.
Bitcoin is not the only receiver of the hard blow in the market recently; other cryptocurrencies got even more. For example, Ethereum dropped from $1,600 to nearly $1,100 but recovered slightly above $1,300.
Binance Coin (BNB) also went down the drain, dropping by 8.87% after a short rally to $400 with news of the FTX acquisition. BNB further pushed down with reports that Binance would no longer move forward with the FTX acquisition.
Solana, which went down to $9 yesterday, now trades at $14 with a 17% decline. Given the news of the upcoming event to Unlock SOL tokens, Solana may meet more volatility today. The total crypto market has lost about $200 billion since the FTX/Binance feud began.
FTX Token Tumbles Further As Binance Withdrew Plans of Acquisition
Meanwhile, FTT’s situation is terrible. The token has incurred an additional 42% loss in value and now trades at $2.76. Given the circumstances surrounding FTX’s situation, including the alleged investigations against the firm, Binance has pulled out of its plans to acquire the exchange.
In the announcement, Binance noted that it hoped to assist FTX in providing liquidity to settle its customers. However, it cannot overlook the fact that FTX misused customers’ funds. Binance condemned FTX’s bad business practices, saying that such actors must be removed from the market.
The crypto exchange also said a regulatory framework and decentralization transition would strengthen the crypto industry.
Binance’s comments are in line with Coinbase CEO Brian Armstrong’s opinions, which he aired on Tuesday. Armstrong believes that a clear regulatory framework and adoption of decentralized exchanges will prevent problems such as the FTX crisis.

Пов'язані матеріали

In the Age of Artificial Intelligence, We Need 'Magicians,' Not 'Managers'

In the AI era, leadership must shift from management to magic. As knowledge rapidly expires, value shifts from what leaders know to what they can facilitate. Traditional "inside-out" management, driven by internal experience, is giving way to "outside-in" thinking focused on external opportunities, customer needs, and disruptive change. The core challenge is fostering new ideas that may invalidate existing knowledge. While technologies like steam, electricity, and AI provide the "skeleton" for innovation, it is human vision—connecting technology to customer dreams—that creates magic. Historical figures like Richard Arkwright and Eldridge R. Johnson succeeded not by inventing core technologies, but by reimagining work and business models from the outside in. Leaders must transition from controllers to "architects of flourishing." Their role is to design environments where empowerment, creativity, and adaptive learning thrive. This involves granting autonomy, fostering partnerships, and building resilient systems that scale innovation. Critical leadership qualities now include judgment, creativity, and the ability to learn continuously rather than relying on static expertise. Therefore, cultivating future leaders requires a focus on timeless fundamentals, humanities for broader perspective, and social acuity, rather than over-specialization in quickly outdated technical skills. The future rewards those who respond to the unseen and create conditions for better answers to emerge. Leadership in the AI age is less about having all the answers and more about enabling others to discover them—creating organizations where people explore, imagine, and thrive.

marsbit3 хв тому

In the Age of Artificial Intelligence, We Need 'Magicians,' Not 'Managers'

marsbit3 хв тому

The End of This Bull Market's 'Greatest Myth': 'AI Stock God' Leopold Crushed in Weeks, Citadel Takes Over $16 Billion in Stock Assets

The once-celebrated "AI stock god," 24-year-old Leopold Aschenbrenner, has seen his hedge fund's spectacular rise end in a dramatic collapse. His fund, Situational Awareness (SA), built a narrative around explosive AI infrastructure demand, raising $45 billion and achieving a 439% return in H1 2026 by heavily leveraging (4x) concentrated long positions in stocks like SK Hynix and CoreWeave, while shorting legacy software firms. In July 2026, a sharp reversal hit AI stocks, triggering massive losses in both long and short positions. Facing margin calls from banks, SA was forced to sell its entire $16 billion public market portfolio in a 36-hour fire sale. Citadel acquired the assets at a significant discount, one of Wall Street's largest emergency stock trades. SA's assets under management plummeted from a $45 billion peak to roughly $10 billion, retained entirely in private holdings like a stake in Anthropic. The episode underscores that being right on a macro trend does not guarantee survival, highlighting the critical risks of extreme concentration and high leverage without a sufficient buffer against market shifts.

marsbit18 хв тому

The End of This Bull Market's 'Greatest Myth': 'AI Stock God' Leopold Crushed in Weeks, Citadel Takes Over $16 Billion in Stock Assets

marsbit18 хв тому

Platform Token Surges 15-Fold in Half a Month, Pons Tops Both Token Issuance and Trading on Robinhood Chain

The article details the rapid rise of Pons as the leading token launch and trading platform on Robinhood Chain. Following NOXA's halt of new token issuance, several platforms vied for the resulting traffic. By mid-July, Pons surged ahead, achieving the highest daily token creation volume (over 15,000 tokens on July 15th) and soon after capturing the largest daily trading volume ($40.7M on July 18th), consistently maintaining both top positions. Pons's key advantage is its streamlined, single-transaction process that deploys a token's contract and its Uniswap V3 liquidity pool simultaneously, eliminating the need for bonding curves or subsequent DEX migrations. This simplicity caters to the demand for fast, low-cost launches on Robinhood Chain. The platform's native token, PONS, played a pivotal role in its growth, experiencing a price surge of over 15x from mid-July. A tokenomics model that uses 80% of protocol fees to buy back and burn PONS has contributed to its value and heightened platform visibility. Looking ahead, Pons V2 aims to expand beyond meme tokens by integrating support for paying transaction fees with assets like USDG or RWA tokens, aligning with Robinhood Chain's focus on on-chain finance and real-world assets.

marsbit1 год тому

Platform Token Surges 15-Fold in Half a Month, Pons Tops Both Token Issuance and Trading on Robinhood Chain

marsbit1 год тому

Apple's Q3 Results Largely Meet Expectations, Supply and Memory Pressure Drive After-Hours Drop of 6%

Apple's Q3 (FY2026) earnings largely met expectations, but weak guidance and rising costs drove the stock down 6.3% after hours. Revenue of $109.42B slightly beat estimates, and EPS of $2.02 was boosted by a $0.11 tariff refund. Core EPS was $1.91, aligning with forecasts. iPhone and Mac sales were strong, but iPad and Services revenue fell short. Greater China growth slowed. The outlook for the next quarter is concerning. Apple guided for 9-11% revenue growth, below the ~12% consensus, citing significant supply constraints for iPhones, Macs, and iPads due to advanced chip shortages. Gross margin guidance of 47-48% includes a 1-point tariff benefit, implying a core margin of 46-47%, down from 48.1% this quarter. Management highlighted rising memory costs as a major pressure point. While Apple's AI initiatives like Siri are progressing, monetization remains early. With the stock near all-time highs, the combination of in-line results, segment weaknesses, and a cautious outlook triggered significant profit-taking. The focus has shifted from resilient demand to supply chain execution and cost management.

marsbit1 год тому

Apple's Q3 Results Largely Meet Expectations, Supply and Memory Pressure Drive After-Hours Drop of 6%

marsbit1 год тому

Platform Token Soars 15x in Half a Month, Pons Tops Robinhood Chain Charts for Both Token Launches and Trading

In just half a month, the Pons platform token (PONS) surged over 15x in value as Pons solidified its position as the leading token launch and trading platform on Robinhood Chain, capturing both the highest daily token creation volume and transaction volume. Following the exit of previous leader NOXA, competition initially favored Flap before Pons emerged dominant around mid-July. By July 26th, Pons accounted for 77.1% of total trading volume across all Robinhood Chain launchpads. Pons's success is attributed to its streamlined, one-transaction process for deploying a token contract and its corresponding Uniswap V3 liquidity pool simultaneously, eliminating the need for bonding curves or complex migrations. This simplicity, combined with low creation costs and immediate tradability, attracted significant creation activity and speculative trading. The meteoric rise of its native token, PONS, further fueled platform growth. A tokenomics model directing 80% of protocol fees to buy back and burn PONS created a reinforcing cycle: platform usage boosted PONS value, which in turn attracted more users. Looking ahead, Pons V2 aims to expand beyond meme tokens by integrating support for paying fees in stablecoins (USDG) and RWA assets, aligning with Robinhood Chain's broader focus on on-chain finance and stock tokens.

Odaily星球日报1 год тому

Platform Token Soars 15x in Half a Month, Pons Tops Robinhood Chain Charts for Both Token Launches and Trading

Odaily星球日报1 год тому

Торгівля

Спот