The crypto market cap loses over $100 billion after Binance walked away from FTX deal

With Bitcoin falling below $16,000 for the first time in many months, the cryptocurrency market is currently in a bleeding trend.

The value of the global cryptocurrency market fell below the $900 million mark as well, with some valuable coins falling more than 30% in just one day.

These crashes occur right after Binance CEO Changpeng Zhao (CZ) tweeted that he and his team won’t be proceeding with the deal to acquire FTX exchange.

FTT, the native token of FTX, suffered greatly as a result. Data available indicates that FTT lost over 88% of its value in the last day, falling from $21.20 to $2.51.

Sam Bankman-Fried, the CEO of FTX, also lost his billionaire status when the price of FTT increased. His estimated personal wealth fell by nearly 94% to $991.5 million in a single day from $14 billion.

The FTX story had an impact on the traditional financial market as well as the entire landscape of digital assets.

On Tuesday, ARK Investment Management sold more than a million shares of Robinhood Markets for an estimated $9 million. Early on Tuesday, the brokerage platform had previously lost around 20% of its value.

The troubled FTX cryptocurrency exchange received a significant investment in 2021 from the Ontario Teachers Pension Plan.

Each of FTX’s $400 million Series C funding rounds from the previous year included participation from the company. FTX is currently experiencing a liquidity crisis.