FTT lost 80% in value in less than a day

FTT has shown an incredible peak over the past 24 hours. The FTX exchange token fell from $22 to $5 in a few hours. The biggest downward move was shown between 18:15 and 21:40. At this point, the coin fell from $19.33 to $3.15 after which it began to rise little by little. Thus, in 3 hours, FTT lost 84%.

All investors who invested their money in this currency suffered huge losses, which cannot be said about traders who love futures and short positions. All shortists who entered positions at $19, in turn, were able to get a lot of money. This is especially true for those traders who used leverage. Note the fact that Binance did not allow traders to use large leverage and shortists could use a maximum of 10x. For comparison, earlier on the largest exchange it was possible to enter transactions with a leverage of 25x.

Earlier we talked about the reasons for what happened in our blog. If you missed this material, then we invite you to familiarize yourself with it. In short, now FTX is in big trouble with liabilities in excess of $8,000,000,000, and Binance wants to take over the Sam Benkman-Freed exchange. In addition, analysts noted a high level of outflow of funds from the American crypto exchange. This was especially expressed in Ethereum.

In total, crypto enthusiasts have withdrawn $400,000,000 worth of altcoins from FTX. Previously, the number of tokens on the exchange was 493,000+, which exceeded the total value of $739,000,000. There are now less than 162,000 ETH left on FTX, equivalent to $227,000,000.

On the American exchange, technical problems associated with the withdrawal of bitcoins and other funds were also noticed, and the administration commented on this, explaining the incident with limited network bandwidth and asking users to postpone the withdrawal of USDC and USDT stablecoins.