Cryptocurrency Prices Crash on Binance
A recent market crash caused cryptocurrency prices to plummet, with some on Binance, the world's largest crypto exchange, dropping to nearly zero.
According to CoinMarketCap, altcoins such as Cosmos (ATOM), IoTeX (IOTX), and Enjin (ENJ) plunged 99-100% within minutes on October.
- ATOM lost nearly all its value in minutes.
- Binance reported Bitcoin fell 15% from $124,000 to $105,000.
- On other exchanges, ATOM fell 53%, IOTX dropped 46%, and ENJ fell 64.5%.
- Stablecoins USDE, BNSOL, and WBETH also depegged, losing their fixed value against another currency.
This downturn is the sharpest since the collapse of Binance's rival FTX in 2020, with a loss of $850 billion in market value within hours.
Author's summary: Cryptocurrency prices crashed on Binance.