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ADA, DOGE, BNB Record Significant Losses as Crypto Market Sell-off Intensifies

Sat, 12/17/2022 - 11:06
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Tomiwabold Olajide
Crypto market currently down 5.34% in last 24 hours
ADA, DOGE, BNB Record Significant Losses as Crypto Market Sell-off Intensifies
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Several cryptocurrencies, including Cardano (ADA), Dogecoin (DOGE) and BNB (BNB), are recording significant declines as the crypto market sell-off worsens.

Taken from Dec. 14, after the FED announced a 50-point basis hike as opposed to the 75-basis-point hike expected by many, coupled with its resolve to maintain its aggressive monetary policy till 2023, cryptocurrencies are treading water for the third consecutive day.

The crypto market is currently down 5.34% in the last 24 hours, mirroring the drop in equities. The worst hit in the top 100 is Filecoin (FIL), which is down nearly 30% as there have been unconfirmed rumors of Grayscale's DCG dumping altcoins. The evidence for these claims has not been proven.

In March, Grayscale Investments unveiled its "Smart Contract Platform ex Ethereum Fund," in which Cardano had the largest weighting. Cardano was also added to Grayscale Investments' large-cap cryptocurrency fund in July as the third-largest component of the fund after BTC and ETH.

At the time of writing, Cardano's ADA was down 7.57% in the last 24 hours and down 14.73% in the past week.

Binance FUD and FTX saga also contributed

Other factors that might have contributed to the market sell-off aside from those stated are the "Binance FUD" and FTX CEO Sam Bankman-Fried's arrest and indictment.

Binance's native token, BNB, has fallen 17.87% in the past week, including a drop of over 7.57% in the past 24 hours. Binance was the first outside investor in FTX, and in exiting its equity position in the company last year, Binance received a payment of nearly $2.1 billion.

Binance CEO Changpeng Zhao has dismissed concerns that his company could have that money clawed back as FTX winds its way through bankruptcy proceedings.

Likewise, the dog-themed cryptocurrency Dogecoin is down 6% in the last 24 hours and 17.88% in the past week. Recent negative comments from the CNBC host Jim Cramer seem not to be helping investors' sentiments.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.