Update: 6.20 pm: The token has continued to fall and is now trading at $9.40, down 60% on the day.
Update 5.40 pm: The FTT token has declined further to just $11 since press time.
Following the news that Binance will acquire the FTX exchange, the troubled FTT token popped 44% following a decline of 43% since Nov. 5. The native token of FTX fell over the weekend amid controversy around a potential insolvency issue at the exchange. News that Binance planned to sell over $500 million in FTT sent the token into a nose dive early this week.
The token is currently trading around $15.90 after falling as low as $14.50 earlier on Nov. 8. A support at $22 had been holding after Alameda Research CEO Caroline Ellison tweeted that the company was willing to purchase Binance’s FTT tokens for $22.
The entire crypto market appeared to recover after the announcement but a reversal has now caused FTT to fall by 23% from its daily high.
Source: TradingView
Sam Bankman-Fried said as recently as Nov. 7
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