In the past 24 hours, Bitcoin fell more than 15% on Tuesday to around $17,684, the lowest level since June, breaking through the key support levels considered by some investors.

2025/08/2822:01:34 hotcomm 1186

Everything: Du Yu

Early Tuesday, Bitcoin is facing selling pressure as Sam Bankman-Fried's cryptocurrency exchange FTX issued digital currency FTX Token fell to its lowest level since February 2021 due to growing financial concerns about SBF hedge fund Alameda Research.

In the past 24 hours, Bitcoin fell more than 15% on Tuesday to around $17,684, the lowest level since June, breaking through the key support levels considered by some investors. - DayDayNews

Image source: Photo Network-501024898

In the past 24 hours, Bitcoin fell more than 15% on Tuesday to around $17,684, the lowest level since June, breaking through the key support level considered by some investors.

As of press time, Bitcoin was reported at $18,676, a drop of 9.94%.

Other cryptocurrencies were almost wiped out, with Ethereum falling 15.59%, Dogecoin falling 22.7%, and XRP falling 14.12%.

Image source: Yingwei Finance Official Website

According to CoinMarketCap.com, FTT once fell by more than 75% to around $5.50. According to Coin COIN data statistics, the total number of liquidated positions in the entire network in 24 hours was US$1.16 billion (approximately RMB 8.4 billion); a total of 370,000 people liquidated positions in 24 hours.

The cryptocurrency market has fallen earlier as investors' concerns about FTX solvency continue to ferment, following rumors about the exchange and its sister company Alameda Research in recent days. Kaiko Research analyst Conor Ryder said that the market can see that investors have made similar actions as they have been in some crises before, and fear has penetrated into the market.

A report last week triggered this wave of decline. According to media reports, FTT value may have been hyped up by Alameda Research, a cryptocurrency investment company affiliated with FTX.

Given that Alameda Research has raised funds to support FTT prices, investors are worried that the company will be forced to clear out FTT, which triggers the cryptocurrency crash.

At the same time, after the above report was released, FTX's largest competitor, Binance, CEO of Zhao Changpeng announced on the weekend that Binance will clear out all FTTs it holds and has sold 584 million US dollars of FTT.

This move has caused FTT to face huge selling pressure. However, Zhao Changpeng also said that since the market cannot withstand large-scale selling, it will take several months to gradually clear FTT.

Then, Alameda Research CEO Caroline Ellison expressed his willingness to buy all FTTs held by Binance immediately for $22.

According to Cailianshe on November 9, as the news surrounding Binance's possible acquisition of its rival FTX is gradually digested, the cryptocurrency market has fallen sharply again, and traders are worried that the troubles in this industry and the entanglements between industry giants may be below. Observers pointed out that the market is uneasy about the prospects of the deal because it mentioned that the letter of intent signed by both parties is not binding.

Daily Economic News Comprehensive Cailianshe, Yingwei Finance Official Website, Public Information

Daily Economic News

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