entered one of the deepest stages of the bear market. The FTX situation caused massive liquidations and double-digit losses on some assets. Yesterday, XRP showed us a solid 20% bounce, but it was not enough to cause a reversal., in a similar fashion to other cryptocurrencies, started to rapidly lose its value, plunging to the pre-pump levels we saw back in September.
The total cryptocurrency market capitalization lost around $30 billion hours after rumors of FTX being insolvent appeared in the space. On the day that Binance announced the absorption of its competitor, an additional $50 billion had been withdrawn from the industry. As of today, the total volume of funds the crypto market has lost in the last 48 hours is at $130 billion.