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 almost zero.
According to CoinMarketCap, several altcoins, including Cosmos (ATOM), IoTeX (IOTX), and Enjin (ENJ), plunged 99-100% within minutes on October.
- ATOM lost nearly all its value in just minutes.
- Bitcoin fell 15% on Binance from $124,000 to $105,000.
- Stablecoins USDE, BNSOL, and WBETH depegged, losing their fixed value against another currency.
This is the sharpest cryptocurrency downturn since the collapse of Binance's rival FTX in 2020, with a loss of $850 billion in market value within a few hours.
On other exchanges, ATOM fell 53%, while IOTX and ENJ dropped 46% and 64.5%.
Author's summary: Cryptocurrency prices crash on Binance.