After the collapse of FTX the panic in the cryptocurrency markets continues

The panic at cryptocurrency exchanges continues to intensify. After the collapse of FTX, investors became disillusioned with the venture into cryptocurrency exchanges and are withdrawing funds en masse from cryptocurrency exchanges while they are still viable.

CryptoQuant analysts estimated that users withdrew $3.4 billion worth of bitcoins, $1.8 billion worth of ether, and other tokens during the week of Nov. 7. By Nov. 13, bitcoin and ether totals had fallen to 2,098,600 and 20,077,244, respectively.

Exchanges lost more than $5 billion in the last week alone as a result of the market downturn.

According to CryptoQuant, withdrawals in bitcoin, ether and stabelcoin reached record levels on the world's largest cryptocurrency exchange, Binance. Binance CEO Changpeng Zhao urged calm and said that a "small" spike in withdrawal rates is normal when the price of cryptocurrency falls.

Coinglass confirmed that nearly 200,000 bitcoins have been withdrawn from cryptocurrency exchanges in the past seven days, leaving 1.88 million bitcoins on the exchange. The withdrawals have become an industry-wide problem. There are a number of cryptocurrency brokers in the crypto space that have the same percentage cut as Binance, including Coinbase (COIN), Gemini and Kraken.

Earlier, it was reported that the U.S. company Amazon intends to lay off about 10,000 employees.