The crypto market is crashing on the back of the news that the FTT Token might crash, which will take down the platform, as most of FTX’s assets are tied to the FTT Token.
It all started when a balance sheet of Alameda research, a company owned by Sam Bankman who is the majority shareholder of FTX, surfaced online. It showed that the FTX’s platforms assets are tied to the FTT token.
Few days earlier, Binance CEO Changpeng Zhao said that they will be strategically diluting their 23 million FTT tokens. Zhao wants to dump the FTT tokens, as it would otherwise take months to sell the shares strategically to minimize the market impact.
Zhao’s Tweet has led to panic selling now.
“Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.” Changpeng said in a Tweet .
Cryptocurrency prices were trading in the red on Tuesday evening. Ethereum (ETH) fell along with other altcoins. Dogecoin , a meme coin, which was the best performing currency for the past few days, fell 12.6 per cent.
Today’s most trending crypto was FTT Token, which is native token of FTX Platform.
The global crypto market cap stood at $981.6 billion. It fell by 4.6 per cent while the total crypto market volume increased by 43.9 per cent to $118.2 billion in the last 24 hours, according to data collected from Coinmarketcap.com at 4:10 pm IST.
Today’s top gainer was Chainlink . It was up by 5.9 per cent to $8.7. The top loser was FTX Token, which was trading at $17.8, having fallen by 21.1 per cent in the last 24 hours as of Tuesday evening.
Cryptocurrency Prices
Bitcoin: BTC fell 5.06 per cent to $19,738 in the last 24 hours. Its market cap stood at $379.002 billion. Its intraday low was $19,448. Later, its trading volume increased 47.8 per cent to $67.1 billion.
Ethereum: The price of Ethereum was down by 6.1 per cent to $1,483 in the last 24 hours as of Tuesday evening. ETH’s market stood at $181.5 billion. Its trading volume increased 41.3 per cent to $20.4 billion.
Other Altcoins: Solana’s (SOL) price was down by 10.7 per cent to $28.3 on November 8, 2022.
XRP was down 7.03 per cent to $0.4381, and its 24-hour trading volume was up by 64.9 per cent to $2.1 billion.
Cardano (ADA) fell 5.2 per cent to $0.3853. Its 24-hour trading volume increased by 36.02 per cent to $740.1 million.
Meme Coins
Dogecoin (DOGE) fell 12.6 per cent to $0.1018. Its 24-hour trading volume was up by 28.4 per cent to $1.9 billion.
Shiba Inu was down by 8.5 per cent to $0.00001097.
Decentralised Finance (DeFi)
Yearn.Finance (YFI) was down by 6.07 per cent to $7,571.9. Its 24-hour trading volume was up by 27.06 per cent to $36.4 million.
Avalanche (AVAX) fell by 9.5 per cent to $16.5, and its 24-hour trading volume was up by 80.8 per cent to $490.6 million.
Aave (AAVE) was trading at a loss of 5.3 per cent at $82.5, and its 24-hour trading volume was up by 27.7 per cent to $208.6 million.
