How Crypto Tokens Are Fairing Following The Binance FTX Fallout!

How Crypto Tokens Are Fairing Following The Binance FTX Fallout!

Multiple cryptocurrencies are seeing their prices fall these last few days following drama surrounding two massive crypto exchanges.

FTT’s Fall

Most notable of all, crypto exchange FTX’s token, FTT has seen its price drop by more than 21% within these past 24 hours. The cryptocurrency is now trading at a price of $17.89 at the time of writing despite having been trading at an average price of around $25 this past week.

This massive drop in FTT’s price has caused it to become the biggest loser among cryptocurrencies this past 24 hours, according to data from CoinMarketCap.

This plunge comes following the drama surrounding crypto exchanges FTX and Binance in which Binance CEO CZ announced earlier this week that he was dumping the remainder of Binance’s FTT holdings (more than $500 million so far) due to rumors surrounding FTX’s insolvency and the fact that FTX along with Bankman-Fried’s hedge fund Alameda Research hold a large number of illiquid assets, most of which are FTT tokens.

Related: Explaining The Twitter Fued Between FTX SBF and Binance CZ

Impact On Other Crypto

Along with FTT’s drop, other cryptocurrencies seem to have also been affected by FTX and Alameda’s leaked balance sheet. Those other altcoins include Solana’s SOL and Serum’s SRM.

With Solana and SRM revealed to be among the more significant assets on FTX’s balance sheet, many investors have seem to grown bearish towards these two cryptocurrencies especially due to the fact that fears of FTX and Alameda’s insolvency could mean that the two companies could dump their holdings of these cryptocurrencies at any time.

At the time of writing, SOL has plunged by 10% within the past 24 hours and is now trading at a price of $28.42 while SRM has dropped by 6.9% and is now trading at $0.702.

Related: Bitgo Discloses The Wdoge in Partnership with the Dogecoin Foundation and Others

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Jamilatul Mahmudah

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