FTX Token (FTT), the native cryptocurrency of crypto trade FTX has plunged by one other 20% over the past hour falling below $20. As of press time, FTT is buying and selling 19% down at a worth of $18.46 with a market cap of $2.4 billion.
The current sharp fall means FTT tokens misplaced greater than $500 million price of valuation in an hour’s time. Additionally, the entire erosion in FTX Tokens’s market worth is sort of a billion over the past 4 days.
Curiously, crypto reported Colin Wu has reported that there was a large switch of FTX Tokens (FTT) from Genesis OTT Desk to FTX. He additionally states that Binance is just not behind the current worth drop. The analyst reported:
FTT instantly plunged 14% in 1 hour, and SOL fell 14% in 24 hours. 1.9 million FTT ($44 million) was transferred from the Genesis OTC Desk to FTX 12 hours in the past, however CZ mentioned it was not Binance promoting.
During the last weekend, Binance said that it has determined to promote its remaining FTX Token holdings. The event comes amid the current anomalies surrounding the stability sheet of FTC and sister concern Alameda Analysis. Binance has reportedly transferred half a billion price of FTT tokens to its platform.
This information adopted by Binance motion has triggered main skepticism for FTX with analysts considering that it might be one other LUNA-like occasion out there.
Binance Clarifies on the FTX Token Episode
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