The crypto markets, which were recovering slightly during the previous trading day, plunged hard as news of FTX & FTX US being hacked circulated within the space. The hacker made off with nearly $400 million in tokens and swapped them for DAI & ETH. Meanwhile, the hacked assets have not been sold on the market.
According to some reports, the hacker’s wallet contained 23 million in MATIC worth $22 million, 73,350 in BNB worth $20 million, 52.9 million in SRM worth $18.6 million, 2.6 million in LINK worth $16.5 million and many other properties,
Meanwhile, the entire crypto market has bowed down to the fresh FUD that was ignited due to the FTX hack.
Bitcoin price declined again below $17,000, while Ethereum remained above $1200. BNB, XRP, DOGE, ADA, DOT, etc and many more tanked notably. Interestingly, FTT price dropped by over 35% and dropped out of the top 100 crypto assets as the market cap fell below $300 million.
With the bearish events prevailing within the crypto market, the space appears to have heavily decoupled with the S&P 500 and Gold. A huge divergence is witnessed by the crypto space that separated it from the equity & the gold markets.
Furthermore, a bullish divergence with the S&P 500 is seen forming, but at this point the question is whether traders will ever be able to recover from the unfortunate event. With the bearish trend continuing, bitcoin miners could very soon come under severe pressure. BTC miners are currently selling more than they have held in reserves for almost 5 years.
The majority of the altcoins are witnessing huge drops, with Maker (MKR), Helium (HNT), and Polygon (MATIC) leading the losers within the top 100. Meanwhile, Solana’s (SOL) price also witnessed a drop of more than 10%, while Tether continued to maintain its peg but lost slightly every now and then.
Considering the wider market movements, it is quite clear that the entire crypto market is under attack and another crypto hoax may be imminent.
