The crypto market is crashing on the back of news that FTT Token may crash, which will bring down the platform, as most of FTX’s assets are tied to FTT Token.
It all started when a balance sheet of Alameda research, a company owned by Sam Bankman who is the majority shareholder in FTX, appeared online. It showed that FTX’s platform assets are tied to the FTT token.
A few days earlier, Binance CEO Changpeng Zhao said that they will strategically dilute their 23 million FTT tokens. Zhao wants to dump the FTT tokens, as it would otherwise take months to strategically sell the shares to minimize the market impact.
Zhao’s Tweet has led to panic selling now.
“Liquidating our FTT is just risk management after exit, to learn from LUNA. We were supportive before, but we won’t pretend to love after divorce. We are not against anyone. But we will not support people who lobby against other industry players behind their backs. Further.” Changpeng said in a Tweet.
Cryptocurrency rates were trading in the red on Tuesday night. Ethereum (ETH) tumbled along with other altcoins. Dogecoin , a meme coin, which was the best performing currency in recent days, fell 12.6 percent.
Today’s most popular crypto was the FTT Token, which is the original token of the FTX Platform.
The global market cap for crypto was $981.6 billion. It fell by 4.6 percent while the total crypto market volume increased by 43.9 percent to $118.2 billion in the last 24 hours, according to data collected by Coinmarketcap.com at 16:10 IST.
Today’s top winner was Chainlink. It was up by 5.9 percent to 8.7 dollars. The biggest loser was FTX Token, which was trading at $17.8, after falling 21.1 percent in the last 24 hours from Tuesday night.
Cryptocurrency prices
Bitcoin: BTC fell 5.06 percent to $19,738 in the last 24 hours. Its market capitalization was $379.002 billion. Its intraday low was $19,448. Later, the trading volume increased 47.8 percent to 67.1 billion dollars.
Ethereum: The price of Ethereum fell by 6.1 percent to $1,483 in the last 24 hours from Tuesday evening. ETH’s market cap was $181.5 billion. Trading volume increased by 41.3 percent to 20.4 billion dollars.
Other Altcoins: Solana’s (SOL) price fell by 10.7 percent to $28.3 on November 8, 2022.
XRP was down 7.03 percent at $0.4381, and 24-hour trading volume was up 64.9 percent at $2.1 billion.
Cardano (ADA) fell 5.2 percent to $0.3853. Its 24-hour trading volume rose 36.02 percent to $740.1 million.
Meme Coins
Dogecoin (DOGE) fell 12.6 percent to $0.1018. Its 24-hour trading volume rose 28.4 percent to $1.9 billion.
Shiba Inu was down 8.5 percent to $0.00001097.
Decentralized Finance (DeFi)
Yearn.Finance (YFI) was down 6.07 percent at $7,571.9. Its 24-hour trading volume rose 27.06 percent to $36.4 million.
Avalanche (AVAX) fell 9.5 percent to $16.5, and 24-hour trading volume increased 80.8 percent to $490.6 million.
Aave (AAVE) traded down 5.3 percent to $82.5, with 24-hour trading volume up 27.7 percent to $208.6 million.
