'Long' Crypto Traders Take on $700M in Losses as Markets Falls on FTX Contagion Fears

Bitcoin (BTC) and ether (ETH) declined more than 8% in the past 24 hours to reach levels previously seen in early October, putting a gradual recovery on hold. Other crypto majors like XRP, dogecoin (DOGE) and cardano (ADA) slipped over 12%, while solana (SOL) – of which Sam Bankman-Fried is a prominent backer – dropped 25%.