As U.S.-based cryptocurrency lender Blockfi filed for bankruptcy overnight, causing another victim of this month’s collapse of the FTX exchange, Bitcoin and Ether plummeted in Tuesday morning trade in Asia. In a week that started with protests in China against zero-Covid regulations rattling the world capital markets, the other top 10 non-stablecoin cryptocurrencies dropped. BNB experienced the greatest decline, while Solana was second and completely dropped from the top 10 list.
In the 24 hours, Bitcoin dropped 1.4% to US$16,213 while Ether fell 2.2% to trade at US$1,169, per CoinMarketCap.
Token BNB, which is supported by Binance Global Inc., the largest cryptocurrency exchange in the world, dropped 5.2% to US$292.91.
Following the failure of the Bahamas-based cryptocurrency exchange FTX.com, Binance released proof of its reserves on Friday, sparking calls for greater industry transparency. BNB saw a rise in price as a result. But on Saturday, Jesse Powell, co-founder and CEO of competing cryptocurrency exchange Kraken, tweeted that Binance’s asset statement was “pointless” as it didn’t include liabilities.
As Tron and the Shiba Inu meme token surpassed Solana on CoinMarketCap’s top 10 list, Solana had a 5% decline to trade at US$13.40.