As the week begins in still gloomy market conditions on the cryptocurrency front, the FTX Token ($ FTT) of the namesake platform suffered a sharp decline in its course overnight. The FTT has dropped nearly 20% in a market it seems to want to take with it in its downfall.
Bad pass for FTX and FTT token
Around 4:00 am French time, the crypto $ FTT, the asset house of the FTX platform, underwent a sudden correction of almost 20%.
If the phenomenon is part of a phase of general decline in the cryptocurrency market in the last few hours, the extent and above all the suddenness of the movement raise questions.
These are therefore close to 500 million dollars of capitalization which evaporated in the blink of an eye. A movement all the more flagrant as it is part of a sea of oil stability during the FTT.
If hot, it is difficult to determine the causes and circumstances of this sudden liquidation. analyses we chain during the day it will bring quick answers once the dust settles.
It will be hard not to notice, however, a surprising coincidence in the concordance between this event and the $ 500 million in $ FTT that Binance recently announced it was getting rid of. A statement started the latest drama of our small industrywhere you surely never get bored.
Note, however, that beyond the irony of this chain of circumstances, nothing obviously indicates in the state that Binance is for something in this sudden fall.
In fact, from the first observations, this stall could turn out to be the consequence of a “simple” spot sale, certainly significant, but not commensurate with the sums managed by Binance.
Anyway, if we postponed last night a certain unease among FTT holdersquick to cover up with any potential industrial accident (it’s a bit like the 2022 theme for the ecosystem), we will agree that this nocturnal heatstroke tends to fuel the narrative that sadly we couldn’t end up with unpleasant surprises.
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