Bitcoin, Ethereum, Dogecoin See Large Liquidations Amid FTX Scare

As Sam Bankman-Fried's FTX witnesses an intensive selloff in its native tokenFTT FTT/USDBitcoin BTC/USDEthereum ETH/USD, and Dogecoin DOGE/USD saw $17.37 million in liquidations, or 45% of the total market liquidation, in the past hour.

What Happened: According to CoinGlass, BTC accounted for over $7.45 million of all liquidations, followed by ETH at $8.69 million and DOGE at nearly $1.23 million in the last hour.

FTT is currently experiencing $2.43 million worth of liquidations. 

This comes as cryptocurrency prices plummeted amid reports of FTX bankruptcy. Changpeng Zhao, the founder and CEO of Binance BUSD/USD, the world's largest cryptocurrency exchange, announced that his trading platform is about to liquidate its entire FTT holdings.

See More: FTX Token (FTT) On-Chain Trading Signals 

FTX recorded over $18.51 million worth of liquidations — $11.76 million longs ( traders betting on higher prices) and $6.75 million shorts (traders betting on low prices). Binance topped the table for market liquidation accounting for $24.30 million in liquidations.

Price Action: In the past hour, Bitcoin declined 2.22%, falling below the key $20,000 level. Ethereum dropped 2.03% to $1,461.75. Dogecoin was down 0.70%, falling below the $1 mark, according to data from Benzinga Pro.

Read Next: FTX Token (FTT) Plunges 19% In 1 Hour Amid Binance's Plan To Liquidate Entire FTX Native Token Holdings

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsBinanceBitcoinFTTFTX
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!