Binance and FTX are the worst-affected exchanges, with combined losses approaching two billion dollars

Binance and FTX are the two exchanges that have been hit the hardest. Losses totaled around two billion dollars.

In the world of cryptocurrencies, unprecedented events have occurred in the last 48 hours. According to Larry Cermak, VP of Research at @TheBlock__, futures exchange interest has fallen by 20% in the last two days, from $18 billion to around $14.4 billion.

He tweeted and said, “The open interest on futures exchanges has gone down by about 20% in the last two days – from $18 billion to about $14.4 billion. Two exchanges that lost the most are Binance and FTX. Almost two billion combined.”

In the previous 48 hours, there has been a bloodbath as In all Exchanges like Binance and FTX. As Bitcoin falls to $36K, 185,450 crypto investors lose all of their money. Bitcoin has dropped more than 9% in the last 24 hours, and was trading around $35,5K in the early hours of Friday.

The worst fears expressed by professionals in the past have come true. Experts have cautioned that fears about imminent interest rate hikes and a Russian crypto prohibition proposal might drop the price of BTC below $40,000. The devastation has been widespread, with ETH seeing a whopping 8 percent drop in value in the last 24 hours. According to data from the FTX market, it was trading as low as $2,860 for the day.

The world’s most popular crypto coin, BTC, has had a rough winter, with its value plummeting by $200 billion. Altcoins suffered double-digit losses as well, with crypto market liquidations topping $881 million. For the day, 185,480 traders were liquidated, with assets totaling $715 million.

Binance was the hardest impacted, with $173 million in losses, 91 percent of which were long holdings. With $170 million in longs, the Asian-focused exchange Okex came in second.

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