It only took about ten days for FTX to go from being a top exchange to declaring bankruptcy, but the profound impact this had on the broader crypto market is unknown when it will recover.
The incident initially began on 11/2 when CoinDesk ran out of its balance sheet. Panic began to ferment within a few days, and was gradually reflected in cryptocurrency prices. So far, the overall market value has fallen below the market value of Terra and Celsius at the time of the incident.
Top 10 Cryptocurrencies
MATIC (-10.88%), TRX (-18.27%), BNB (-20.51%) have the lowest declines since 11/2.
DOGE (-46.61%), SHIB (-35.55%), and ETH (-30.73%) suffered the largest declines among the top ten market capitalizations.
Bitcoin (-23.15%) price has reached $16,000, falling below the $17,000 level reached in June of this year.
Platform currency
During the incident, OKX (+20.16%) and Bitfinex (-15.35%) were the only exchanges that did not experience major scandals; although Binance (-20.61%) once appeared as a savior, it finally gave up the acquisition of FTX, which also Let the community question what the motives are.
The remaining Huobi (-44.15%), Crypto.com (-44.06%), and KuCoin (-36.16%) all had doubts about their reserve assets; Bybit had a crash in the early stages of the incident.
FTT is currently trading at around $1.27, down -95.11%.
Solana Ecological Punch
Solana (SOL) is down -65% since 11/2 and currently trades around $11, back to where it was last February.
The total TVL of Solana’s ecosystem has also plummeted from 958 million to 282 million US dollars (-70.56%). If calculated from Solana’s peak period of 10.17 billion US dollars, its TVL has collapsed by 97.2%.
This article FTX incident so far: The platform currency OKB did not fall but rose, and the top ten market capitalization ETH ranked third in decline. First appeared in Chain News ABMedia.
