FTX Token (FTT), the native cryptocurrency of crypto exchange FTX has plunged by another 20% over the last hour falling under $20. As of press time, FTT is trading 19% down at a price of $18.46 with a market cap of $2.4 billion.
The recent sharp fall means FTT tokens lost more than $500 million worth of valuation in an hour’s time. Also, the total erosion in FTX Tokens’s market value is nearly a billion over the last four days.
Interestingly, crypto reported Colin Wu has reported that there was a massive transfer of FTX Tokens (FTT) from Genesis OTT Desk to FTX. He also states that Binance is not behind the recent price drop. The analyst reported:
FTT suddenly 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 ago, but CZ said it was not Binance selling.
Over the last weekend, Binance said that it has decided to sell its remaining FTX Token holdings. The development comes amid the recent anomalies surrounding the balance sheet of FTC and sister concern Alameda Research. Binance has reportedly transferred half a billion worth of FTT tokens to its platform.
This news followed by Binance action has triggered major skepticism for FTX with analysts thinking that it could be another LUNA-like event in the market.
Binance Clarifies on the FTX Token Episode
The Story is Building Up….
The post FTX Token (FTT) Plunges Another 20% In One Hour, CZ Says He’s Not Selling appeared first on CoinGape.
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