Crypto markets lose almost $100B as FTX implosion leads to carnage

In the last 24 hours, the cryptocurrency market cap saw outflows in excess of $100 billion as the industry plunged to $875.52 billion from $971.29 billion as of press time — down 11.02%.

Bitcoin and Ethereum market cap fell by 9.06% and 17.56% to $341.85 billion and $149.58 billion, respectively.

The top 10 cryptocurrencies recorded massive losses over the reporting period as FTX’s implosion heavily impacted the market. Solana posted the highest loss, losing 30.85% over the reporting period.

Most top 10 digital assets recorded losses of over 6% — BTC and ETH fell by over 10%, respectively. Tron posted the smallest loss — down 2.85%.

The market caps of Tether (USDT) and BinanceUSD (BUSD) slightly increased to $69.8 billion and $23.06 billion, respectively. USD Coin (USDC) market cap decreased to $42.7 billion.

Bitcoin

Over the last 24 hours, Bitcoin posted losses of 10.02% to trade at $17,724 as of 07:00 ET. Its market dominance increased to 39.1% from 38.66%.

After briefly spiking above the $20,000 mark, BTC printed a huge red candle that saw it trade at a new bear market low of $17,500 around 15:00 UTC. The flagship digital asset continued to trade sideways for the rest of the day.

Ethereum

ETH decreased 18.64% to $1,204 as of 07:00 ET. Its market dominance also dropped to 17% from 18.58%.

Like BTC, ETH briefly spiked above the $1,500 support before gradually declining to around the $1,200 region. The second-largest digital asset bottomed at $1,157 over the reporting period.

Top 5 Gainers

Counos X

CCXX is the day’s biggest gainer, rising by 100.59% to trade at $35.98 as of press time. It was unclear why the token was rising. Its market cap stood at $644.75 million.

Stasis Euro

EURS is up 10.2% over the reporting period and is trading for $0.99. The Euros-based stablecoin has enjoyed a flurry of new activities, with Circle announcing that it would be available on Solana by 2023. Its market cap stood at $123.65 million.

Hex

HEX is also among the day’s top gainers, rising 9.48% to $0.03 as of press time. Its market cap stood at $5.91 billion.

Tether Gold

XAUT has risen by 2.16% in the last 24 hours to $1,703.38 as of press time. The precious metal-backed digital asset has enjoyed mild growth over the last seven days, rising 3%. Its market caps stood at $419.92 million.

Pax Gold

Another gold-backed digital asset among…