Nearly $300M liquidated in 12 hours as market turns red Nearly $300M liquidated in 12 hours as market turns red
Concerns around the liquidity of FTX and Alameda Research fueled contagion fears, bringing the crypto market down and causing huge liquidations.
1 min read
Updated: Nov. 8, 2022 at 12:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
As the market took a tumble over the past 12 hours, total liquidations reached $294.78 million, Coinglass data shows. Total liquidations over the past 24 hours stood at $339.29 million at the time of writing.
The crypto market took a turn for the worse when FTX token (FTT) began losing its value rapidly after a whale moved $44 million worth of FTT to FTX.
The whale was suspected to be Binance but CEO Changpeng ‘CZ’ Zhao denied involvement in the transaction. FTT price tanked 30% in the hours following the transaction.
The large FTT transaction triggered contagion fears linked with FTX and market maker Alameda Research, which owns the majority of FTX. Speculation arose after it was reported that Alameda’s $14.6 billion assets largely comprised FTT and Solana (SOL) tokens. The Coindesk report questioned the liquidity of both firms.
SOL price is down 10.37% over the past 24 hours.
The two largest cryptocurrencies, Bitcoin and Ethereum, saw their prices dip by around 5% over the past 24 hours. Ethereum (ETH) liquidations outpaced Bitcoin over the past 12 hours — $66.64 million worth of ETH contracts were liquidated while BTC liquidations amounted to $58.05 million, Coinglass data shows.
FTT saw $8.51 million worth of liquidations in the past 12 hours while SOL liquidations reached $17.29 million. Dogecoin (DOGE) was also hit hard with $10.22 million in liquidations during the period.
The largest single liquidation over the past day took place on Okex, where $1.9 million worth of Bitcoin was liquidated.
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Posted In: Bitcoin, Dogecoin, Ethereum, Solana, Binance, FTX, Derivatives, Exchanges, Featured, Trading
Author 
Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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In this article
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
Solana
$241.581
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Bitcoin
$97,895.61
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,142.38
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Dogecoin
$0.38112
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.