2023-11-08 14:59:33

Cryptocurrencies slide as worries about FTX fester in latest crypto liquidity scare

CNBC

By Tanaya Macheel

The logo of the cryptocurrency Terra Luna is seen on the screen of a computer in an office.

Silas Stein/picture alliance via Getty Images

The cryptocurrency market fell on Tuesday amid rumors of insolvency at crypto exchange FTX and worries over what it says about the financial conditions of its sister company Alameda Research.

Bitcoin and ether were lower by 6% and 8% respectively, according to Coin Metrics.

Crypto assets tied to Alameda, the trading company also owned by billionaire Sam Bankman-Fried, were suffering steeper losses. FTX Token (FTT), the native token of the FTX trading platform, has fallen 23% in the past 24 hours. The token tied to Ethereum competitor Solana, of which Alameda is a big backer, has lost 12%.

#bitcoin #ethereum #finance #earlybacker #recentrevelations

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