Recently, the crypto space is facing an unexpected showdown between the two major crypto exchanges, Binance and FTX. Binance CEO, Changpeng Zhao (CZ) announced that the exchange will liquidate all FTT tokens in its holdings. Naturally, this news had a negative impact on FTX and its coin.
Furthermore, the entire crypto market has been thrown into the red as most of the crypto assets are losing value. The fall in the price of FTT has also been influenced by the massive depreciation trend on many other tokens.
FTX Token (FTT) Falls Among Poor Performers
The announcement by Binance CEO CZ has led to a dramatic rejection of FTX and its token FTT. No one understands the reasons behind CZ’s decision regarding FTT. But some anticipate a potentially significant issue between the executive and the SBF-owned exchange.
FTT has fallen by a double-digit percentage after Binance’s announcement. As of yesterday, Monday, November 7, FTT has dropped to around $22. At the time of writing, the coin is trading below $17.31 representing a 23.33% drop over the past 24 hours. Also, its market cap is currently more than $2.30 billion.
The situation seems to be getting worse for FTX. The exchange suffered a devastating drop in its ETH reserves. Hence, users were facing difficulty in completing certain transactions on the platform.
On his part, the CEO of FTX Exchange, Sam Bankman-Fried (SBF), is making some efforts to rectify the situation. They have enlisted subsidiaries of the firm, SBF-owned companies, and other exchanges to assist FTX through fund transfers.
Also, the CEO assured customers that FTX’s performance is acceptable. But today’s price drop is over 20% of the coin’s value compared to the previous day.
Huge losses in the broader crypto market
The broader crypto market has taken the trend from FTT. As a result, the cumulative market cap fell from its iconic position above $1 trillion after losing more than $70 billion in a single day. At press time, the value is $978.74 billion, representing a decline of 4.76% over the past 24 hours.
Ethereum is now below $1,500 as its value declined. Additionally, Polkadot, Cardano, Tron, OKB and Matic declined 5%. The list of losers includes Dogecoin, Solana, Ripple, Avalanche, Shiba Inu and others.
bitcoin price under $20,000
Bitcoin has maintained impressive performance over the past week. The coin rose to the level of $20,000 and eventually reached $21,500 over the weekend. Furthermore, BTC displayed outstanding stability above $20k, despite interest rate hikes by the US Fed.
But in the early trading hours of today, the story has suddenly turned upside down. BTC lost around $1,000 from its value due to bear movements.
At the time of writing, bitcoin is trading at $18,250, representing a drop of around 9.37% over the past 24 hours. It has a market cap of $378.01 billion, and 38.60% dominance over altcoins.
Featured Image From Pixabay, Charts From Tradingview