As the week begins in still gloomy market conditions on the crypto asset front, the FTX Token ($FTT) of the eponymous platform suffered a heavy drop in its price overnight. The FTT is dropping almost 30% in a market that it seems willing to take with it in its fall.
Bad pass for FTX and the FTT token
Around 4 a.m. French time, the crypto $FTT, house asset of the FTX platform, experienced a sudden correction of almost 20%.
If the phenomenon is part of a general decline phase of the crypto market in recent hours, the amplitude and especially the suddenness of the movement raise questions.
These are thus close to $500 million 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 in the course of the FTT.
If hot, it is difficult to determine the causes and circumstances of this sudden liquidation. analysis we chain during the day will bring answers quickly, once the dust settles.
It will be difficult not to note however an astonishing coincidence in the concordance between this event and the amount of 500 million dollars in $FTT which Binance announced recently to consider getting rid of. A statement that started the latest drama of our small industrywhere definitely, you never get bored.
Note, however, that beyond the irony of this chain of circumstances, nothing obviously indicates in the state that Binance is for anything in this impromptu fall.
Indeed, 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 amounts managed by Binance.
Be that as it may, if we reported last night a certain feverishness of FTT holders, quick to cover themselves against any potential industrial incident (it’s a bit like the theme of 2022 for the ecosystem), we will agree that this blow of night heat tends to feed the narrative according to which we could unfortunately not be done with the bad surprises.
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