Nearly $300M liquidated in 12 hours as market turns red

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.