The native token for the FTX exchange, FTT, has continued to plunge further. In the last 24 hours, FTT has dropped by nearly 20% to trade at $1.51 at the time of writing. The token is currently down since the FTX situation started.
FTT price analysis
FTT has continued to register wild swings, with the volatility remaining relatively high. In the last 24 hours, FTT has traded between $1.29 and $1.96. The token is inching closer to registering a new all-time low and possibly heading to $0.
FTT remains bearish amid a string of adverse events that continue to be seen regarding the FTX exchange. If the downtrend continues, FTT will likely drop below $1.15, marking a new record low.
The FTT price chart shows a massive downtrend from when news of FTX’s insolvency started to surface. The token has little chance of recovering to pre-FTX crisis levels, given that trust levels in the FTX exchange have dropped.
Binance and Huobi suspend FTT deposits
FTT has continued with the downtrend amid news that some exchanges will suspend FTT deposits. The decision comes after many FTT tokens were released to the market. Before this, FTT tokens were usually released periodically in batches.
The CEO of Binance, Changpeng Zhao, said that the exchange would halt all FTT deposits to ensure that the new supply would not cause more harm. Zhao has also urged other exchanges to follow suit. Binance has also added that it would be removing FTT from multiple products.
Some exchanges have followed the advice given by Zhao. Tron founder, Justin Sun, has said that Huobi Global will be halting deposits for FTT, adding that they would continue monitoring the situation. FTX has yet to respond to the issue of the newly released tokens in the market.
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