Several CRYPTOCURRENCIESincluding Cardano (ADA), Dogecoin (DOGE), and BNB (BNB), are posting significant declines as the cryptocurrency market sell-off worsens.
Taken from December 14, after the Fed announced a 50 basis point increase instead of the 75 basis point increase expected by many, along with its determination to maintain its aggressive monetary policy until 2023, cryptocurrencies are floating in the water for the third time. Consecutive day.
In the last 24 hours, the crypto market fell 6%, which was in line with the fall of the Nasdaq. The amount of the liquidation has reached 234 million dollars, the FIL has plummeted 27.5%. There are rumors about DCG dumping altcoins, but no evidence. Binance-based TWT CHZ BNB also fell sharply.
โ Wu Blockchain (@WuBlockchain) December 17, 2022
The crypto market is currently down 5.34% in the last 24 hours, reflecting the fall in stocks. Worst affected in the top 100 is Filecoin (FIL), which is down nearly 30% as there have been unconfirmed rumors of Grayscale's DCG dumping altcoins. The evidence for these claims has not been proven.
In March, Grayscale Investments introduced its โSmart Contract Platform ex Ethereum Fundโ, in which Cardano had the highest weighting. Cardano was also added to Grayscale Investments' large-cap cryptocurrency fund in July as the third-largest component of the fund after BTC and ETH.
At the time of writing, Cardano's ADA is down 7.57% in the last 24 hours and 14.73% in the last week.
Binance FUD and FTX saga also contributed
Other factors that could have contributed to the market sell-off, in addition to those mentioned, are โBinance FUDโ and the arrest and indictment of FTX CEO Sam Bankman-Fried.
Binance's native token, BNB, has fallen 17.87% in the past week, including a drop of more than 7.57% in the last 24 hours. Binance was the first outside investor in FTX, and upon exiting its equity position in the company last year, Binance received a payment of nearly $2.1bn.
๐ซค There is a lot of pessimism in #crypto now. #Binance #FUD, #JeromePowell hawks, and the continuum @SBF_FTX titular trial many reasons why capitulation prevails at the end of the week. Historically, this uncertainty is a bottom signal. https://t.co/vDwNI4VntR pic.twitter.com/RKjzuSV2ZR
โ Santimento (@santimentfeed) December 16, 2022
Binance CEO Changpeng Zhao has dismissed concerns that his company could recoup that money as FTX works its way through bankruptcy proceedings.
Similarly, the dog-themed Dogecoin cryptocurrency is down 6% in the last 24 hours and 17.88% in the last week. Recent negative comments from CNBC host Jim Cramer appear not to be helping investor sentiment.
