Cryptocurrencies lose $190 billion in a week
Cryptocurrencies extended their losses and fell to their lowest levels since November 2020, losing about $190 billion in market value over the course of a week, with the possibility that Binance, the largest cryptocurrency exchange in the world, would not complete its acquisition of the competing platform “FTX.” dot com".
Bitcoin, the largest cryptocurrency by market capitalization, fell 10.66 percent at 18:31 GMT, Wednesday, and was trading at about $16,778.
Bitcoin recorded losses of nearly 19 percent in the week ending Wednesday.
The market value of "Bitcoin" decreased to 323.34 billion US dollars, with a total of 19.202 million units traded out of a total of 21 million units offered.
The price of "Ethereum" fell by 27.5% in the week to $ 1152, with a total market value of $ 44.84 billion.
The Solana currency fell by 19.88 percent in the last 24 hours, and losses increased to 60 percent over a week, bringing its value to 13.65 dollars.
The BNP currency declined by 14.6 percent in the week to $276.7, bringing the market value to $45.4 billion.
The market value of the total virtual currencies around the world decreased to $ 828.8 billion, distributed over 21,706 virtual currencies, which are traded through 522 platforms, according to data from the CoinMarketCap website.
The market capitalization of cryptocurrencies is down $190 billion, compared to $1019 billion recorded a week ago.
Binance Deal
And “Bloomberg” agency quoted, on Wednesday, Zhang Bingchao, CEO of “Binance”, as saying that there is no “master plan” to acquire “FTX”, and considered that the collapse of the competing cryptocurrency exchange “is not good for anyone in the industry.” ".
Zhao surprised the cryptocurrency market yesterday by announcing that his company was acquiring Sam Pinkman Fried's FTX, which suffered from a liquidity crisis after the former announced that he had sold $530 million of his holdings in the original ETX.
The two companies entered into a non-binding agreement of intent, and the terms of the deal were not disclosed.
Cryptocurrency investors are currently worried, given the pivotal role that FTX and its co-founder, Bankman Fried, have played in the industry.
“Since entering the crypto industry in 2016, very few periods have tested the market infrastructure, and participants have been subjected to such testing in the past 24 hours,” Dan Libau, director of crypto hedge fund at Molar Asset Management, told Bloomberg. .
Over the weekend, Zhao tweeted that Binance would liquidate its holdings of the crypto token known as FTT, which was issued by FTX.
The tweet followed a report on cryptocurrency news site CoinDesk saying that Alameda, a trading company owned by FTX founder Fred Bankman, owns much of its assets in the crypto token FTT.
This sparked wider concerns about the strength of FTX, and investors began withdrawing money.
The cryptocurrency "FTT" fell 72 percent on Tuesday.
Then it continued to collapse in Wednesday's trading by more than 75% in the past 24 hours, and was trading around $4.20.
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