Cryptocurrency markets tumbled for a second day as the fallout from FTX’s liquidity issues continued to weigh on investor sentiment.
Bitcoin (BTC) price fell to a new yearly low of $16,800 as unconfirmed anonymous sources suggested that following a more detailed review of FTX’s books, Binance may back out of its deal to acquire the troubled exchange.
Another factor that has a potential impact on the market is a wave of successive liquidations in the Solana DeFi markets.. Earlier in the day, the Crypto.com exchange Sent an email to its users to inform them that all Solana blockchain-based USDC deposits have been suspended.
A notice on the Crypto.com website also stated:
“Please note that we have suspended USDC and USDCT deposits and withdrawals on the Solana Blockchain on the Crypto.com App and Exchange.”
At the time of writing this article, Solana (SOL) price is down 34% and is trading at $16.10. The native FTX token (FTT) is also down 32% on the day and is trading at $3.78.
Coinglass daily settlement data shows $832 million in total settlements over the last 24 hours, with many traders expecting the number to rise.
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