FTX Token Takes Off as Money Moves in From BNB Token
The surge in volume comes as investors move money away from Binance Coin (BNB) following charges laid against the exchange over the past few months.
It appears several business leaders are attempting to revive the FTX exchange, which has helped push up the price of FTT over the past fortnight.
The SEC has confirmed they would not prevent a FTX resuscitation, as long as it was all above board.
Irony is not lost on the crypto community. A year following the demise of the FTX exchange – spurred by inflammatory tweets from Changpeng Zhao, then boss of rival exchange Binance – it appears the tables have turned.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
— CZ Binance (@cz_binance) November 6, 2022
With CZ formally stepping down as CEO of the exchange and Binance facing a litany of charges from both the Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), investor money is pouring out of Binance Coin (BNB) and back into FTX’s native token, FTT.
FTT Outperforms Most Assets During Sideways Week
After an exciting past six weeks, the crypto market has cooled off of late, with most coins trending sideways or consolidating at a lower support level. However, the same can not be said for FTT, the FTX exchange’s base coin, which has outperformed most competitors in the past few days. Although the trading platform has been defunct for the best part of 12 months now, the associated coin has never stopped trading and is starting to surge.
FTX Token (FTT), daily chart, source: CoinMarketCap
The past 24 hours have seen FTT post gains of 32% on the back of Binance’s qualms and investors moving money out of the exchange.
Although many see the #Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that #altcoins had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their $BNB for @FTX_Official‘s $FTT. pic.twitter.com/4eWvWp5kOc
— Santiment (@santimentfeed) November 22, 2023
However, the upwards trajectory of FTT had been building momentum since earlier in the month, when it was announced a potential comeback for the FTX exchange was on the cards. Although nothing has been confirmed yet, we know several suitors are vying for control over the dormant platform, with SEC Chair Gary Gensler confirming they would accept an FTX revival if it abided by all relevant laws.
The post FTX Token Takes Off as Money Moves in From BNB Token appeared first on Crypto News Australia.
Filed under: Bitcoin - @ November 23, 2023 2:03 am