HAPPENING NOW!!! Panic In The #Crypto Market As More Than 180K Investors Liquidate

HAPPENING NOW!!! Panic In The #Crypto Market As More Than 180K Investors Liquidate—-About 181,830 traders have liquidated their crypto assets, totalling $358.54 million worth of liquidations. 

Okex recorded the largest single liquidation order – BTC-USD-230331, worth $1.9 million.  

Market jitters over a potential “Crypto Armageddon” related to FTX and its hybrid investment fund/market maker Alameda Research sent FTX’s exchange token FTT down by 23%. Bitcoin also lost $800 within minutes as the crypto market kept rolling down.

Short interest in FTT: According to data from CoinGlass, there is growing short interest in FTT, with open interest rising 8% in the last hour to a total of $215 million. As of the time of writing, Bitcoin traded below the $20K support level. Solana was down more than 8%. 

After learning last week that FTT and Solana’s SOL token made up a sizeable amount of Alameda’s balance sheet, Sam Bankman-FTX Fried ran into problems. Since then, the liquidity of FTX has become a source of concern for the market. 

Exodus of stablecoins: According to Nansen data, the exchange has seen a significant exodus of stablecoins, with $451 million leaving its main platform in the last week and $15 million leaving its U.S subsidiary. FTX currently has a balance of $8.6 million BUSD, $28.5 million USDT, and $59.2 million USDC. 

The amount of money accessible to FTX US is $41 million USDC, $12.8 million USDT, $39 million PAX, and $11.3 million BUSD. 

The exchange is now paying 10% for USDT as opposed to a previous loan rate of 5%, which reflects a significant increase in interest rates on FTX’s margin lending platform. 

With a current balance of $26.7 billion, Binance has experienced a stablecoin influx of $411 million over the past week. 

Delays in fiat withdrawals: According to users, fiat currency withdrawals have seen some delays, although FTX claims that it is clearing the backlog and that withdrawals are still being completed. 

Sam Bankman-Fried, the CEO of FTX, tweeted early on Monday that there was no possibility of withdrawals being stopped and that the exchange was far from insolvent. 

Although Changpeng Zhao, the CEO of Binance, had on Monday announced Binance’s plans to sell all of the FTT tokens still in its books, on-chain data indicates that this process has not yet started.