Bitcoin falls 1.5% and pierces the barrier of $17,000. For his part, Ethereum falls 0.8% to $1,216.07 and XRP jumps 9.4%.
The latest news on the FTX scandal
The fall of FTX last week keeps investors in the sector, who fear that the bankruptcy declaration of one of the three crypto exchange platforms in the world -which also had an investment fund division- caused a cascade effect and led to the disappearance of multiple projects.
FTX’s delisting continues to cast a long shadow after slashing around $200 billion in value from the crypto market in the past week.
According to data from Glassnode, a company dedicated to the analysis of data that occurs within the blockchain, crypto exchange platforms saw one of the largest net drops in the aggregate balance of BTC in history: units of 72,900 Bitcoin left in the last 7 days ( about US$1,240 million).
“This compares to just three periods in the past; April 2020, November 2020, and June-July 2022,” Glassnode noted in a report released today.
Something similar happened with Ether (ETH), the token of the Ethereum network, which registered withdrawals from exchanges for 1,101 million during the last week, which is equivalent to approximately US$1,400 million.
“This represents the largest 30-day balance drop since September 2020 during the peak of ‘DeFi Summer,’ where demand for ETH was very high for use as collateral in smart contracts,” Glassnode stated.
The feeling in the crypto industry is that the consequences of the collapse -and potential fraud being investigated by the United States justice system- of FTX will bring effects that are very difficult to measure and that will last for a long time.
Source: Ambito
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