On Tuesday, most cryptocurrency prices rose in response to the announcement that Binance, the biggest cryptocurrency exchange in the world, would be taking out its rival FTX. However, as more people became aware of the story, prices quickly fell.
The market as a whole has lost billions of dollars as a result of today's steep decrease in cryptocurrency values, sending it below the closely-watched $1 trillion milestone. In a 24-hour period, Ethereum dropped by a staggering 17% and Bitcoin by 12%.
FTT, the native token of the cryptocurrency exchange FTX, is the token on the list that has been most adversely affected. In the prior hour's chart, the token fell a startling 48%, and over 81% in the previous day.
The news of FTX's bankruptcy and takeover has led to widespread panic selling among investors. As a result, money has been taken out of exchanges to protect against market fluctuations in price.