in view of ftx fallThe official token of the crypto exchange, the FTT token, has suffered a massive setback in the market. In the three days since Binance announced its intention to sell its FTT, the coin has posted double-digit losses. Although the loss is not localized to just one token, the general crypto market has suffered for it, but the worst part of it has been reserved for the tokens in which Alameda Research has invested.
FTT Token Bearish
In a shocking development for the entire crypto space at large, the FTT token has crashed by over 80% in a matter of days. Tokens backed by the second largest crypto exchange have suffered significant setbacks.
In just the last 24 hours, the price of FTT has fallen by over 70%. The token is now trading at levels not seen since 2020. It has now also hit a two-year low, making it one of the worst performing coins of 2022.
The fall looks very similar to that of the LUNA token after the collapse of the Terra Network. In the same way, the cryptocurrency has lost billions of dollars by its market cap and is currently sitting on a fully diluted market cap of $1.5 billion.
FTT token trading at $4.459 | Source: FTTUSD on TradingView.com
Interestingly, FTT’s trading volume has increased by over 130% over the past 24 hours as traders try to take advantage of the coin. Small traders have clearly enjoyed the most from their movements as the price of FTT fell from $19 to $3 in a matter of hours.
Alameda Token not out
Alameda Research was one of the most active firms when it comes to crypto investing, meaning they had a hand in a lot of pots in the space. These other coins have felt the effects of such a collapse as FTX is being brought to its knees.
Solana (SOL), of which Almeida is a vocal supporter, has been the worst affected among all tokens held by the firm apart from FTT. In the last 24 hours alone, the price of SOL is down by more than 34%. Similar is the case with Lido DAO (LDO) which is down 23% on the previous day.
Alameda reportedly holds 100 million BitDAO (BIT) tokens and the coin is down 15% in the past 24 hours. 1 Inch Network has also faced a similar situation, albeit to a lesser extent with only a 7% loss in the last day. all The DeFi Protocol in which Alameda is Invested Most including MobileCoin, Serum and Liquidity are also down in double digits.
FTX was an investor in the recently launched Aptos blockchain and the token has not left the bloodshed. APT is down 30% on the last day as its price declined to $4.47 at the time of writing.
Featured image from Currency.com, chart from TradingView.com
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