# FTX Causing Crypto Plunge?

*Author: Bankless*
*Published: Jan 22, 2024*
*Source: https://www.bankless.com/fr/read/ftx-causing-crypto-plunge-2*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/01/coin_guy_2-38--1-.png)](https://www.bankless.com/sponsor/toku-1686090210?ref=the-bankless-guide-to-scroll&email=true)

  

     FTX Causing Crypto Plunge?
  
  

  
  Published on Jan 22, 2024

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  View in Browser

](https://bankless.com/read/briefs)
 

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
    
   FTX Causing Plunge?
  
  

  

 

![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/01/Group-14--16-.png)- 💥 **FTX responsible for crypto plunge?** FTX may have sold roughly $1 billion in its Grayscale holdings and be responsible for the bulk of GBTC outflows, [CoinDesk](https://www.coindesk.com/business/2024/01/22/ftx-sold-about-1b-of-grayscales-bitcoin-etf-explaining-much-of-outflow-sources/) reports.
- 👨‍⚖️ **Coinbase may fully beat SEC. **Coinbase wants a judge to toss the SEC's lawsuit against it, [a Bloomberg legal analyst thinks ](https://twitter.com/nycstein/status/1748334299957367287?s=61&t=7I5yxo0xaR4rsiFzR69uRg)they have a 70% chance of a total win.
- 💼 **Terraform Labs files for bankruptcy.** Do Kwon may be fighting extradition, but his company Terraform Labs has called it quits, [filing for Chap 11 bankruptcy in Delaware over the weekend](https://x.com/web3isgreat/status/1749467579897225537?s=20).

.  .  .

 
  
    
      
      TODAY IN MARKETS
    
    
  
  
    
    How Much Lower?
  
  

  

 
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/01/image---2024-01-22T102951.182-1.png)](https://www.bankless.com/ftx-causing-crypto-plunge)📊** Bulls feeling blue.** Another day in crypto, another leg down! Tokens bled out on Monday, with the total crypto market cap (TOTAL) declining by 3.6% on the day. *When will crypto prices find support?*

Prices as of 2pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $1.59T
       

  
    
    ↘ 3.6%
    
  

   
    
    ↘ 5.9%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $40,335
       

  
    
    ↘ 3.2%
    
  

   
    
    ↘ 6.2%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $2,364
       

  
    
    ↘ 4.3%
    
  

   
    
    ↘ 6.9%
    
  

  

[Unlock Today's Full Market Analysis](https://www.bankless.com/ftx-causing-crypto-plunge)

.  .  .

 
  
    

    LEARN

  
  
    
   
  What is Scroll?
  
  
  
  
   
     
     Bankless Author: 
     
      [
       
       William Peaster
     
    ](https://twitter.com/WPeaster)
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/01/image---2024-01-22T083441.056.png)](https://www.bankless.com/the-bankless-guide-to-scroll)One of our top-hunted L2s in [*Airdrop Hunter*](https://www.bankless.com/airdrop-hunter/scroll) is Scroll. *What's the deal with this fledgling network?*

[Scroll](https://scroll.io/) is a Layer 2 (L2) scaling solution for Ethereum that's designed as a "zkEVM," which is a zk-rollup that's compatible with the Ethereum Virtual Machine (EVM). Upon deploying its mainnet in October 2023, Scroll became one of the first active zkEVMs in the cryptoeconomy and has since grown into one of the top 20 L2 networks by size. 

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