Bitcoin Falls to New Yearly Low at $16.8,000 as FTX Insolvency Fears Turn to Contagion

BTC and altcoins continue to sell off, hitting new yearly lows as FTX crash begins to drastically impact investors across the entire crypto market.< /p> Market news

Crypto markets crashed for a second day as fallout from FTX's liquidity issues continued to negatively impact investor sentiment.

Bitcoin (BTC) price fell to a new yearly low of $16,800 as unconfirmed anonymous sources suggested that after further review of FTX's books, Binance may renege on its agreement to acquisition of the embattled exchange.

Crypto market performance. Source: Coin360

Another factor potentially impacting the market is a wave of successive liquidations in Solana's decentralized financial markets. Earlier today, cryptocurrency exchange Crypto.com sent an email to its users notifying them that all Solana-based (USDC) USD coin deposits had been suspended.

A review on the Crypto.com website also stated:

“Please note that we have suspended USDC and USDCT deposits and withdrawals on the Solana Blockchain in the Crypto.com app and exchange.”

As of this writing, Solana's native SOL (SOL) coin price is down 34%, trading at $16.10. FTX's native FTX (FTT) token is also down 32% on the day and trading at $3.78.

Data from Coinglass shows $832 million in total liquidations in the past 24 hours, and many traders expect that number to rise.

Total dai...