As Sam Bankman-Fried‘s FTX witnesses an intensive selloff in its native token, FTT FTT/USD, Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD saw $17.37 million in liquidations, or 45% of the total market liquidation, in the past hour.
What Happened: According to CoinGlass, BTC accounted for over $7.45 million of all liquidations, followed by ETH at $8.69 million and DOGE at nearly $1.23 million in the last hour.
FTT is currently experiencing $2.43 million worth of liquidations.
This comes as cryptocurrency prices plummeted amid reports of FTX bankruptcy. Changpeng Zhao, the founder and CEO of Binance BUSD/USD, the world’s largest cryptocurrency exchange, announced that his trading platform is about to liquidate its entire FTT holdings.
See More: FTX Token (FTT) On-Chain Trading Signals
FTX recorded over $18.51 million worth of liquidations — $11.76 million longs ( traders betting on higher prices) and $6.75 million shorts (traders betting on low prices). Binance topped the table for market liquidation accounting for $24.30 million in liquidations.
Price Action: In the past hour, Bitcoin declined 2.22%, falling below the key $20,000 level. Ethereum dropped 2.03% to $1,461.75. Dogecoin was down 0.70%, falling below the $1 mark, according to data from Benzinga Pro.