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 in October.
- ATOM lost nearly all its value in minutes.
- Bitcoin fell 15% on Binance, from $124,000 to $105,000.
- Other exchanges saw ATOM fall 53%, IOTX drop 46%, and ENJ drop 64.5%.
Stablecoins USDE, BNSOL, and WBETH also 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.
Author's summary: Cryptocurrency prices crashed to zero on Binance.
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