Total crypto liquidations reached over $300 million in the last 24 hours as the market fell, according to CoinMarketCap.
At the time of writing, the total amount of liquidations over the previous 24 hours was $339.29 million.
After a whale transferred $44 million worth of FTT to FTX, the FTX token (FTT) started losing value quickly, which had a negative impact on the cryptocurrency market.
Although CEO Changpeng ‘CZ’ Zhao of Binance denied any involvement in the transaction, the whale was thought to be Binance. In the hours following the transaction, the price of FTT plunged 30%.
Fears of contagion associated with FTX and market maker Alameda Research, which owns the majority of FTX, were raised by the significant FTT transaction.
After it was revealed that the majority of Alameda’s $14.6 billion in assets consisted of FTT and Solana (SOL) tokens, speculation began. The liquidity of both firms was questioned in the Coindesk report.
Over the past day, the prices of the two biggest cryptocurrencies, Bitcoin and Ethereum, have fallen by about 5%.
The amount of ETH contracts that were liquidated over the course of the last 12 hours was $66.64 million, compared to $58.05 million for BTC.
While SOL liquidations totaled $17.29 million over the last 12 hours, FTT liquidations totaled $8.51 million. With liquidations totaling $10.22 million during the time frame, Dogecoin (DOGE) was also severely impacted.