Cryptocurrency markets bled $130 billion in 12 hours as contagion continues

In one of the biggest and fastest market crashes this year, $132 billion of crypto assets were wiped out. Most importantly, this has happened in the last 12 hours.

According to CoinGecko, the total market capitalization has fallen from $1.07 trillion 12 hours ago to $938 billion at the time of writing.

Most major crypto assets suffer double-digit losses with the original FTX token topping the pack. FTT has shed 75% in the past few hours as liquidity and bankruptcy issues grow.

The move was precipitated by the announcement that rival Binance would take control of the exchange.

Big Crypto Market Collapse

Cryptocurrency markets are now at their lowest levels since mid-September, giving way to a long-term support zone. A break below the current levels will send the crypto asset to a new low for this bear market cycle.

Cryptocurrency market value. Source: TradingView

After breaking above it on October 25, markets have now fallen back below the 50-day moving average, according to Tradingview.

Bitcoin is down 10% on the day, dropping to $18,200 at the time of writing. BTC has lost 15% since the end of the week at $21,500.

Ethereum is in even worse shape, losing 14% in one day in a single fall to around $1,300. Since its high this weekend, ETH has shed a painful 21% (in less than 4 days).

Altcoins are bleeding at the moment, with the biggest double-digit losses being Ripple (XRP), Dogecoin, Polygon, Solana, and Chainlink all dropping more than 12%.

Infection persists

As if the bleak global macroeconomic situation wasn’t bad enough for the crypto industry, it now has another contagion to deal with.

Two of the industry’s biggest billionaires battled it out, and as usual, it’s the private investor who suffers.

Bloomberg reports that Sam Bankman-Fried’s fortunes are decimated, but he’s unlikely to lose any sleep because of them, given the value he’s still worth.

Industrial commentator Colin Wu He said That SBF’s quick decision to sell FTX was because he “didn’t want to be Su Zhu or Do Kwon.”

Meanwhile, Binance’s monopoly on Google’s cryptocurrency continues to grow.

Post-Crypto markets bled $130 billion in 12 hours as the first infection on CryptoPotato continues.

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