Top 10 Cryptocurrencies that Fell After BlockFi Entered Bankruptcy


The bankruptcy of BlockFi which offers USD loans led to the fall of Cryptocurrencies. 

Cryptocurrencies have seen tremendous growth this year until BlockFi claimed bankruptcy, Cryptocurrencies that fell soon after this are the top Cryptocurrencies in recent times and now they are at stake since BlockFi disclosed that it is claiming bankruptcy.

BlockFi attributed its liquidity crisis to its exposure to FTX through loans to Alameda, an FTX-affiliated cryptocurrency trading company. According to BlockFi, its cryptocurrencies are currently imprisoned on the FTX platform where they were previously housed. The two platform’s financial relationship started in June when FTX, which the market viewed as a safety net, offered BlockFi a $400 million credit line that its founder, Prince, at the time, claimed would strengthen the company.

However, FTX’s subsequent collapse and reports of corporate errors soon affected BlockFi and it also started to experience difficulties which in turn had a huge effect on the top Cryptocurrencies.

 

Let us know, the top 10 Cryptocurrencies that fell after BlockFi entered bankruptcy – 

 

1.Litecoin (LTC) – The impact was also on Litecoin which is the biggest dropper among the top 10 cryptocurrencies, which fell by 4.34% to US$74.92 and has been losing ground in recent times. The fluctuations of Litecoin are constantly being studied by crypto experts. According to their forecasts, the average LTC price will be close to $391.25. It could fall to a minimum of $378.04, but it could still rise to $448.73 by the end of 2027.

2.Bitcoin (BTC) – Even during the FTX fallout and macro triggers in recent times, bitcoin maintained important $16,000 support. Even new fallout from the FTX fiasco was unable to affect Bitcoin’s performance. However, the fall of Bitcoin arrived in the form of a bankruptcy filing and a lawsuit from BlockFi, a cryptocurrency lender.

3.Ethereum (ETH)  As U.S.-based cryptocurrency lender BlockFi filed for bankruptcy overnight, causing another casualty of this month’s collapse of the FTX exchange, Ether fell during the trading in Asia at 2.2% to trade at US$1,169, according to CoinMarketCap.

4.Binance USD (BUSD) – This is supported by Binance Global Inc., the largest cryptocurrency exchange in the world, which dropped 5.2% to US$292.91 according to CoinMarketCap due to the bankruptcy of BlockFi.

5.USD Coin (USDC) – USD Coin is down 0.02% in recent times due to the impact of BlockFi. The current CoinMarketCap ranking is #5, with a live market cap of USD 43,277,343,538.

6.Basic Attention Token (BAT) – It has recently been showing a downward trend, losing -26.49% over the previous 30 days. Basic Attention Token has shown a bearish medium-term trend, falling by -34.13% during the last three months. This is predicted due to the BlockFi bankruptcy.

7.Dai (DAI) – It is down by 0.05% in recent times. It is argued that the bankruptcy of BlockFi is the Cause since it is one of the companies supporting Dai.

8.Uniswap (UNI) – Over the following few days, the price of UNI fell by 30% to about $25.60, but after that, it began to rise steadily once more, however it is affected by BlockFi.

9.Solana (SOL) – The price of Solana (SOL) was $22.76 down 20.47 percent in recent times since BlockFi is in bankruptcy.

10.Ripple (XRP)- Ripple (XRP) was down 14.89%, while its 24-hour trading volume was up 168.14% at $4,168,457,428.

Conclusion – These are all the cryptocurrencies that fell soon after BlockFi’s bankruptcy. However, Legal experts claim that digital assets like bitcoin, Ethereum, and other cryptocurrencies fall under a murky area of federal jurisdiction.

They therefore mainly escape the same scrutiny as investments like stocks and bonds. Furthermore, unlike people who have assets with a bank or brokerage that has collapsed, federal funds are not accessible to backstop customers.

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