Tuesday, March 21, 2023
    HomeAltcoinFTX Token (FTT) Plunges Another 20% In One Hour, CZ Says He's...

    FTX Token (FTT) Plunges Another 20% In One Hour, CZ Says He’s Not Selling


    FTX Token (FTT), the native cryptocurrency of crypto change FTX has plunged by one other 20% over the past hour falling beneath $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 latest sharp fall means FTT tokens misplaced greater than $500 million value of valuation in an hour’s time. Additionally, the full erosion in FTX Tokens’s market worth is almost a billion over the past 4 days.

    Apparently, crypto reported Colin Wu has reported that there was an enormous switch of FTX Tokens (FTT) from Genesis OTT Desk to FTX. He additionally states that Binance just isn’t behind the latest worth drop. The analyst reported:

    FTT abruptly 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 latest anomalies surrounding the steadiness sheet of FTC and sister concern Alameda Analysis. Binance has reportedly transferred half a billion value 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 available in the market.

    Binance Clarifies on the FTX Token Episode

    The Story is Constructing Up…. 

    Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.

    The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.

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