FTX Token Update: FTT Down 80% Amidst CZ Binance Bids

FTX token is down by more than 80% as CZ Binance announces the sales of his firm’s $500 million stake of FTT. This caused massive panic amongst traders as they struggle to sell off their assets in a bid to avoid liquidations.

The sale of such magnitude washed away FTT liquidity. As a result, the cryptocurrency is on a downtrend as fear spreads across the entire industry. Over the last 22 hours, the exchange token flipped support after support as sell-offs hit harder.

As at the time of writing, the asset under consideration is down by more than 80%. However, it is making small gains as it bounced off $2.7 and exchanging above $4.5. The massive decrease in price also resulted in massive liquidation in derivatives.

Liquidation hit a milestone of $16 million over the last 12 hours; the highest since it became a tradable asset. It also had an effect on its position in the top 100s