Cryptocurrency Market Further Dropping

Last night trades were marked by another decline in major cryptocurrencies. So, Bitcoin fell below the level of $15,600, and Ethereum broke through the $1,100 benchmark.

As a result, major cryptocurrencies lost 9.5% and 9.7%, respectively, during trading on Wednesday. According to analysts, the total cryptocurrency market capitalization declined by almost 9%, which approximately equaled to $874 Billion.

If consider major digital assets, BNB Coin showed the most negative dynamics (-12.1% per day).

The price of Solana (SOL) collapsed by 22% (-48% in a week), thus leaving the top ten by capitalization. The above was caused by the high concentration of SOL, SRM and other ecosystem tokens in the hands of Alameda Research.

Meanwhile, experts note the “high risk of liquidation” of SOL on lending protocols. In its turn, it will lead to a “significant price drop.”

JPMorgan team believes that a “cascade of margin calls” could push Bitcoin down to $13,000. According to JPMorgan strategist Nikolaos Panigirtzoglou, this process, driven by FTX and Alameda Research issues, has already started.

Due to growing concerns about FTX’s financial stability, FTT price has fallen significantly.