Crypto Market Crash: Bitcoin, Ethereum, and Solana Plummet Amid FTX Collapse

Crypto Market Crash Intensifies

The cryptocurrency market is experiencing one of its most significant downturns since June, driven by the collapse of FTX and Alameda Research. Bitcoin (BTC) has dropped 13% in the last 24 hours, reaching a 24-month low of $17,402. Ethereum (ETH) has fallen 18%, while FTX Token (FTT) has lost 80% of its value, trading as low as $4.71.

Solana's Sharp Decline

Solana (SOL) has been heavily impacted, dropping 31% amid reports of Alameda Research's significant SOL holdings. The token's price has fallen to 92% below its all-time high, with network performance issues exacerbating the decline. SOL liquidations have reached $55 million, including a $44.8 million loss by a single whale.

Massive Liquidations Across the Market

The crypto market has seen over $875 million in liquidations in the past 24 hours. Bitcoin traders lost $263 million, while Ethereum traders saw $226 million in liquidations. Futures markets also suffered, with $121 million in Bitcoin futures liquidations, primarily from long positions.

Tether and Circle Deny FTX Exposure

Stablecoin issuers Tether and Circle have denied any exposure to FTX and Alameda Research. Tether's CTO, Paolo Ardoino, confirmed no credit exposure, while Circle's CEO, Jeremy Allaire, stated minimal equity in FTX. These disclosures aim to reduce fear, uncertainty, and doubt (FUD) in the market.

Meta Announces Major Layoffs

Mark Zuckerberg has confirmed significant layoffs at Meta, citing overstaffing due to over-optimism about the company's growth. The layoffs, expected to impact thousands of employees, follow a 4% revenue drop and a $3.7 billion loss from Metaverse projects. Meta plans to provide up to four months of severance pay.