FTX Token Plummets on Withdrawal – AdLunam

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FTX Token Plummets on Withdrawal

This topic has 7 replies, 2 voices, and was last updated 2 years, 6 months ago by
JapLunam

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November 9, 2022 at 12:20 pm

#1921

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JapLunam

@japlunam

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Yes.. Its massive. Nearly 90% drop in tokens

November 9, 2022 at 10:54 am

#1909

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Saif

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trying to get reach

November 9, 2022 at 10:53 am

#1908

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Saif

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trying to get reach

November 9, 2022 at 10:53 am

#1907

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Saif

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trying to get reach

November 9, 2022 at 10:53 am

#1906

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Saif

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nothing to say

November 9, 2022 at 10:53 am

#1905

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Saif

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nice

November 9, 2022 at 10:53 am

#1904

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Saif

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its good

November 9, 2022 at 10:44 am

#1903

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Saif

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Fears over a withdrawal run from the billionaire Sam Bankman-Fried’s FTX cryptocurrency exchange sent digital-asset markets into a fresh tailspin on Tuesday, hitting altcoins including the trading venue’s own FTT as well as the Solana blockchain’s SOL.
In a departure from the stability witnessed earlier in the week, the tremors appeared to spread to bigger cryptocurrencies including bitcoin (BTC), down 4.6% in the past 24 hours, and ether (ETH), down 6.3% – on a day when U.S. stocks were trading higher. In crypto options markets, traders were putting on fresh transactions to protect themselves from further downside. The 162-member CoinDesk Market Index lost 5.2%.
The meltdown sparked eery recollections of the crypto market’s dizzying crash earlier this year, which was punctuated by the failures of the Terra blockchain’s UST stablecoin, the crypto lender Celsius, trading venue Voyager and the investment fund Three Arrows Capital.
The fresh drama was magnified by Bankman-Fried’s reputation as one of the most powerful and hitherto successful industry figures, and came just days after none other than Changpeng “CZ” Zhao, CEO of the rival Binance exchange, said he planned to dump its remaining holdings of the FTT tokens.
As of press time the FTT was down nearly 14% over the past 24 hours and 44% over the past seven days, to a price of $18.92. Just days ago, the CEO of Bankman-Fried’s trading firm, Alameda Research, had tweeted that the outfit stood ready to buy the Binance holdings at $22 each.
Data from CoinGlass shows that there continues to be building short bets on FTT as open interest in the crypto-derivatives market has surged 8% during the last hour to a total of $215 million.
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