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….
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