FTX Decreases 13% in Twenty-four Hours as Binance Increases Selling Pressure
The value of FTX has decreased by 13% as the dispute between FTT and Binance continues. Binance’s announcement that it will liquidate its holdings in FTX digital currency had an effect on the digital asset of the FTT crypto market.
This circumstance has increased traders’ desire to hedge against a further decrease in the value of this token via FTT futures.
According to Glassnode, approximately 50 million FTX coins have been traded on several cryptocurrency platforms in recent days. This follows the most recent declaration made by the CEO of Binance, Changpeng Zhao, who said that the company is abandoning FTX equity.
This was just the beginning of a threat in which he explains why they made this decision and how they want to perform the sale of FTX, which is likely to take many months.
The price of FTX has been changed by this transaction. According to CoinGecko, FTX has dropped 13% during the last week. In fact, owing to the present state of the virtual currency, FTX has been one of the worst-performing virtual currencies over the last week. Consequently, it would be crucial for the FTT team to stabilize the price of the coin.
The primary concern is Alameda’s financial sheet. Analysts say there have been several concerns with Alameda’s financial sheet, and Binance has stated its intention to sell its FTX digital currency. This was the sole need for other FTX investors and bigger FTX holders to increase market selling pressure.
Recent price movement associated with FTT has also influenced other virtual currencies. In fact, the market dropped 2% of its value during the last 24 hours, with Solana (SOL), Dogecoin (DOGE), and Bitcoin (BTC) suffering the most among the top 10 cryptocurrencies.