Cryptocurrency Prices Crash on Binance
A recent market crash caused cryptocurrency prices to plummet, with some on Binance, the world's largest crypto exchange, dropping to almost zero.
According to CoinMarketCap, altcoins such as Cosmos (ATOM), IoTeX (IOTX), and Enjin (ENJ) plunged 99-100% within minutes.
- ATOM lost nearly all its value in just minutes.
- Bitcoin fell 15% on Binance, from $124,000 to $105,000.
- Stablecoins USDE, BNSOL, and WBETH depegged, losing their fixed value against another currency.
This is the sharpest cryptocurrency downturn since the collapse of Binance's rival FTX in 2020, with a loss of $850 billion in market value within a few hours.
On other exchanges, ATOM fell 53%, while IOTX and ENJ dropped 46% and 64.5%.
Author's summary: Cryptocurrency prices crashed on Binance.