HomeAltcoinsFTX Token Falls 80% Despite Binance Bailout as Alameda Contagion Spreads to...

FTX Token Falls 80% Despite Binance Bailout as Alameda Contagion Spreads to Bitcoin

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FTX Token Falls 80% Despite Binance Bailout as Alameda Contagion Spreads to Bitcoin

Broader crypto markets, which mounted a short-lived recovery after the bailout announcement, quickly lost steam and turned sharply lower. The CoinDesk Market Index (CMI), which tracks 162 cryptocurrencies, fell 8% in the last 24 hours. Bitcoin (BTC), the largest cryptocurrency by market capitalization, tumbled to $17,114 on the Bitstamp exchange, a 23-month low. The BTC price recovered somewhat to $18,400 but was still down 12% on the day.

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