cryptocurrency crash today The once-promising coin dropped almost a third of its value in a matter of hours, losing close to $600 million due to reports of an impending bankruptcy.
Billions of dollars disappear It is not surprising that the price of the FTX token and market value have fallen precipitously given the ongoing dispute between two large cryptocurrency exchanges, FTX and Binance, as Binance sells a $500 million FTT.
In fact, the price of the FTX token plunged more than 75% during the course of 24 hours, and the market capitalization of FTT decreased from $2.99 billion to almost $750 million.
FTT is currently trading at $5.57, down 75% Furthermore, according to crypto-analytics site Coinalyze, trading volume for FTT futures also experienced a collapse, while the departure rate from the coin reached record highs after spot trade prices increased by more than 100%.
What became of FTX?
Earlier, it was revealed that Bankman Fried’s business empire is actually made up of two sizable companies: his trading firm Alameda Research and the cryptocurrency exchange FTX. The connection between these two entities was confirmed by Alameda’s financial statements, which primarily contain the FTT token.
The CEO of CZ, the company that created Binance, responded to the disclosure by announcing the decision to “liquidate any remaining FTT on Binance’s books on November 6,” which was then carried out by selling 22,999,999 FTTs for $584,828,174.
On November 7, FTX’s CEO posted on Twitter that “a competitor is trying to go after us with bogus rumors, but FTX is good. The assets are excellent. “No war,” says Binance.