Although BTC had slightly recovered by Wednesday morning — trading at $18,317 — it's still plunged by 73.33% over the past 12 months.
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The S&P 500 had ended Tuesday's trading session on Wall Street up 0.56% — and even the tech-heavy Nasdaq managed to eke out a 0.49% gain.
But after the shock news that one of the world's biggest exchanges is being sold to Binance because of a "significant liquidity crunch," the same can't be said for the crypto markets.
FTX's fall from grace has spooked the digital assets sector — with many major coins nursing double-digit losses on a 24-hour timeframe.
Bitcoin nosedived from $20,582 to $17,603 in a little under three hours on Tuesday — a whopping decline of 14.5% that goes into the record books as one of the sharpest sell-offs ever.
At one point, the world's biggest cryptocurrency was languishing at a price not seen since late 2020, just as the bull run began.
And it comes almost a year to the day that Bitcoin hit a new all-time high of $68,789.63.
Although BTC had slightly recovered by Wednesday morning — trading at $18,317 — it's still plunged by 73.33% over the past 12 months.
Few altcoins have been immune from the drama, either. Ether's plunged by close to 13% in a single day, with XRP down 10.4% and Dogecoin sliding 13.1%. Solana's fallen by 27.2%.
It's perhaps telling that BNB has resisted a substantial fall in value — and CoinMarketCap data shows it's currently down 2.56% on the day.
But there's little doubt that FTX's native token, FTT, has been the biggest casualty in all of this. It's fallen by 72% in just 24 hours — collapsing from $19.51 to $3.15.
