Fear Makes Quick Return to Crypto Markets as Bitcoin Plunges Most in 2 Months

Long crypto traders have liquidated over $700 million in the past 24 hours amid the seismic events involving crypto exchange FTX’s proposed sale to Binance, the world’s top crypto exchange by volume. Bitcoin and ether have declined by over 11% and 20% respectively, in the past 24 hours, catching many traders off guard. Meanwhile, futures tracking bitcoin and ether saw $390 million in losses due to liquidations in the past 24 hours. The turbulence emanated from concerns about FTX’s solvency following a report by CoinDesk detailing how its sister firm Alameda Research’s balance sheet was full of FTX’s native token, FTT, causing a widespread exodus from the asset.