FTX and Binance Most Affected As Losses Escalate

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Unprecedented Events

The past two days have witnessed unprecedented events in the cryptocurrency market. According to the VP of Research at Theblockresearck.com, Larry Cermak, the interest in Futures Exchange has dropped drastically by about 20% in the last 24 hours, from $18 billion to almost $14.4 billion. The two exchange platforms that have suffered the most casualty are FTX and Binance, with almost $2 billion losses combined and still counting.

 Cermak took to his Twitter page to say that the open interests of Future Exchange have reduced by about 20% in the past two days from $18 billion to $14.4 billion. He mentioned FTX and Binance as the two hardest-hit platforms losing a combined $2 billion.

The last 48 hours have been a serious bloodbath for crypto investors. 185,450 cryptocurrency investors are said to have lost all their assets as bitcoin dipped to $36,000. Bitcoin further plummeted yesterday by over 9% and was trading at $35.500 on Friday towards Saturday.

The biggest fear initially expressed by crypto experts has come to fruition. Experts and analysts have cautioned that worries over the pending interest rate increase and crypto ban set in motion by the Russian government may push the price of bitcoin under $40,000. 

Universal Crypto Carnage

The ongoing crypto carnage has been relatively general, and Ethereum also witnessed a huge dwindle of values by up to 8% in the last two days. Ethereum was trading for as low as $2,860 as of Friday, according to a report seen from the FTX exchange.

Just last week, Ethereum was trading higher than the marked $3,200 resistance and the 100-hour moving average. Whereas there was a major trend to rise, and it was building up support for almost $3,190 on an hourly basis.

Analysts said Ethereum was likely to keep rising once there was breaking over the $3,250 resistance.

It has not been a very good period for the world-leading cryptocurrency, bitcoin, which has seen a wiping away of $200 billion worth of its crypto value. Altcoins were also not left out in the financial tragedy as they declared double-figure losses, and the general crypto market liquidation went past $881 million. 185,480 traders were liquidated for the day, along with assets worth more than $715,000.

Binance suffered the most severe hit with $173 million of the loss, 91% of it being long positions. Following closely in second place is the Asian-centered exchange, Okex, with $170 million in long positions. 


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