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, several altcoins, including Cosmos (ATOM), IoTeX (IOTX), and Enjin (ENJ), plunged 99-100% within minutes on October.
Notably, the cryptocurrency ATOM lost nearly all its value in just minutes, while Bitcoin fell 15% on Binance, from $124,000 to $105,000.
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 a few hours.
- ATOM fell 53% on other exchanges.
- IOTX and ENJ dropped 46% and 64.5%, respectively.
- Stablecoins USDE, BNSOL, and WBETH also depegged, losing their fixed value against another currency.
The cryptocurrency market experienced a significant crash, resulting in substantial losses.
Author's summary: Cryptocurrency prices crashed on Binance due to market downturn.