As soon as BlockFi declared bankruptcy, many cryptocurrencies started falling and continue to fall. We are listing all the cryptos affected by this announcement of BlockFi below.
During the FTX decline and macro triggers, Bitcoin did not lose ground and did not see much downside. Even the complete failure of FTX did not affect the performance of bitcoin. However, the bankruptcy filing by BlockFi did not prove to be good news for bitcoin and the coin saw a drop in its price.
The decline in the price of the cryptocurrency began following the BlockFi announcement. According to CoinMarketCap, the price of its token Ether registered a 2.2% drop in Asia.
Binance USD (BUSD)
According to CoinMarketCap, the token backed by Binance Global Inc, one of the largest crypto exchange, also saw a drop of around 5.2% and this is also being attributed to the bankruptcy of BlockFi.
USD Coin (USDC)
There was not a big drop in the price of USD Coin, but BlockFi’s announcement is also being told behind the 0.02% drop in the recent days.
BlockFi’s announcement had a big impact on UNI, where the token dropped by 30% in price.
The price of Solana (SOL) has also fallen by around 20% in recent days.
Ripple (XRP) price registered a decline of about 15% in the recent days. An especially big dip was seen after the announcement of BlockFi.
It cannot be said with certainty that BlockFi’s bankruptcy is the reason behind the decline of these top cryptocurrencies, but their decline has been recorded around the declaration of bankruptcy.