Market sell-off sees Bitcoin sink to $22,000

The cryptocurrency market cap saw net outflows of $40.2 billion over the last 24 hours and currently stands at $1.03 trillion — down 3.7% from $1.07 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap fell 4.5% and 4.8% to $431.98 billion and $191.66 billion, respectively.

The top 10 crypto assets recorded losses since the last report, with Litecoin losing 7.6% in value, followed by Dogecoin, down 5.7%.  XRP fared best, falling 3%.

In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) increased to $71.12 billion and $43.14 billion, respectively. Meanwhile, Binance USD (BUSD) fell 4.7% to $9.61 billion.

Bitcoin

In the last 24 hours, Bitcoin decreased 4.5% to trade at $22,362 as of 07:00 ET. Its market dominance was 42.1%.

Over the reporting period, BTC topped out at $23,569. A sharp spill occurred on Thursday evening that found support at $21,998. The leading cryptocurrency has since been ranging between $22,137 and $22,476.

Ethereum

Over the last 24 hours, Ethereum fell 4.8% to trade at $1,566 as of 07:00 ET. Its market dominance was 18.7%.

ETH’s price performance mirrored BTC, peaking at $1,658 before experiencing a significant sell-off that bottomed at $1,550. A weak bounce topped out at $1,577, leading to a flat trading pattern.

Top 5 Gainers

RSK Infrastructure Framework

RIF is the day’s biggest gainer, rising 13.4% over the reporting period to $0.19715 as of press time. The project recently announced accelerating DeFi adoption on Bitcoin in conjunction with Rootstock. Its market cap stood at $186.64 million.

ssv.network

SSV increased 10.7% in the last 24 hours to trade at $43.9275 as of press time. The staking infrastructure protocol was in attendance at DenverETH. Its market cap stood at $439.28 million.

DAO Maker

DAO is up 8% to trade at $1.60079 as of press time. Its market cap stood at $230.42 million.

yearn.finance

YFI gained 7.7% in the last 24 hours to trade at $10,833.22. The project recently teased an ETH liquid staking product. Its market cap stood at $396.9 million.

EOS

EOS jumped 7.9% to $1.26659 as of press time. The EOS Foundation announced several developments, including improvements to governance and plans to evolve into an autonomous network. Its market cap stood at $1.37 billion.

Top 5 Losers

dXdY

DYDX is the day’s biggest loser, falling 13.9% to trade at $2.65566 at the time of writing. Its market cap stood at $414.96 million.

BinaryX

BNX lost 12.3% to $0.88506 as of press time. The project recently implemented a token swap and revaluation plan. Its market cap stood at $255.89 million.

FTX Token

FTX dumped 12.2% to $1.27624 in the last 24 hours. CEO John Ray disclosed an $8.9 billion hole in meeting customer liabilities. Its market cap stood at $419.75 million.

Synapse

SYN shed 12.2% in the last 24 hours to trade at $1.10117. Its market cap stood at $153.91 million.

Terra Classic

LUNC fell 12.1% to $0.00015 over the reporting period. Binance recently announced it would burn 50% of its LUNC spot and margin trading fees instead of 100%. Its market cap stood at $898.42 million.