Billions exit cryptocurrency exchanges after the FTX crisis
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Answer Billions exit cryptocurrency exchanges after the FTX crisis
This week brought huge and historic events in the cryptocurrency ecosystem as the markets were in a steady decline.
The largest cryptocurrency in the second week of this month saw a drop in price for the rest of the altcoins to follow and to make matters worse, the cryptocurrency exchange FTX collapsed, compounding the negative impact
With a cloud of uncertainty about the future of FTX and the companies that may be exposed to it, investors have chosen not to get caught in the crossfire by withdrawing their funds from the exchanges in all directions.
According to Nansen data, more than $1 billion in Ethereum has been withdrawn and drained from exchanges in the past 24 hours.
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Withdrawals also included other top altcoins, including the top three stablecoins USDT, USDC, and BUSD, as well as WETH, which comes in as the top 5 assets transferred from the exchanges.
Investors in the Web 3.0 ecosystem are panicking over the collapse of FTX and the possibility of stranding the trading platform, especially after Binance’s recent announcement of its withdrawal from the acquisition.
In an attempt to prevent similar scenarios as recorded in the case of lending platforms such as Voyager Digital and Celsius Network that went bankrupt and shut down investors’ money thus far, many traders took the initiative to withdraw their funds to the wallet they controlled.
If the cryptocurrency industry is tilting towards a second crypto winter, investors will want to better control their losses this time around.
Due With the industry’s market capitalization now below $900 billion, investors are choosing to hold their money in stablecoins, allowing scope for easy liquidations if their preferred platform is weakened.
Read:Investigations into fraudulent operations targeting holders of digital currencies in “Ledger” wallets
At the time of writing, Bitcoin is down 8.4% to $16,500, while Ethereum is trading at $1,182 after dropping 6% in the past 24 hours.
Read also:
Why did Binance hold off on acquiring FTX?
Cryptocurrency market cap drops below $900 billion for the first time since January 2021
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