Cryptocurrency Prices Crash on Binance
A market crash over the weekend sent cryptocurrency prices plunging, with some on Binance, the world’s largest crypto exchange by trading volume, dropping to almost zero.
According to CoinMarketCap, several altcoins, such as Cosmos (ATOM), IoTeX (IOTX), and Enjin (ENJ) plunged 99-100% within minutes on October.
Binance reported that Bitcoin fell 15% on its platform from $124,000 to $105,000, the sharpest cryptocurrency downturn since the collapse of FTX in 2020, with a loss of $850 billion in market value within a few hours.
- ATOM fell 53% on other exchanges
- IOTX dropped 46%
- ENJ dropped 64.5%
Stablecoins USDE, BNSOL, and WBETH also depegged, meaning they lost their intended fixed value against another currency.
This is the sharpest cryptocurrency downturn since the collapse of Binance’s rival FTX in 2020.
Author's summary: Cryptocurrency prices crashed on Binance due to market downturn.