FTT Breaks $1 Support for the First Time Since FTX Collapsed, Token Struggles With Dwindling Trade Volume

Despite FTX’s collapse last month, the trading platform’s crypto token FTT had managed to not plummet all the way down to zero, and surprisingly it hovered below the $2 per unit region after Nov. 12, 2022. For 38 days FTT remained above the $1 per unit area up until Dec. 19, as the token suddenly crashed below the $1 region during the mid-afternoon trading sessions, slipping to a low of $0.89 per FTT at 2:30 p.m. (ET).

Bankrupt FTX’s Exchange Token FTT Drops Below the $1 Price Range

Ftx token (FTT), the crypto exchange ERC20 coin tied to the now-defunct exchange, FTX, broke below the $1 support line on Monday, Dec. 19, 2022. Interestingly, unlike the Terra collapse and the native token LUNA dive bombing to zero, FTT fell from $25.78 per coin on Nov. 5, 2022, to roughly $1.59 per unit on Nov. 14, three days after FTX filed for bankruptcy protection.

FTT Breaks $1 Support for the First Time Since FTX Collapsed, Token Struggles With Dwindling Trade Volume
FTT crashed below the $1 range on Monday, Dec. 19, 2022, and FTT has remained below that price since the support broke.

FTT tapped $1.92 per coin the following day on Nov. 15, and it would not see that price height again after that point. For 38 consecutive days since Nov. 12, FTT has been below $2 and above the $1 range, and it tapped a high of $1.88 per coin on Dec. 9. 11 days later, FTT markets are struggling and for the first time since the token was launched, it reached its all-time low Dec. 19.

See also  Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse

The exchange token sunk to $0.894 per unit at around 2:30 p.m. (ET) on Monday afternoon. On Tuesday, at the time of writing, FTT is down 8.6% against the U.S. dollar. While FTT’s price remains below $1, a myriad of crypto assets on Tuesday have seen gains and FTT has not. FTT’s market cap rank is not applicable because the project’s contract deployer unlocked the locked FTT tokens into circulation last month.

Coin market cap aggregation sites like coingecko.com do not rank the crypto asset’s cap among the thousands of other crypto assets listed. It is assumed there’s a total supply of 328,895,112 FTT tokens in the wild today and during the last 24 hours, FTT has seen $7.26 million in global trade volume.

FTT trade volumes have dwindled a great deal since FTX’s collapse and today the most active FTT trading is taking place on Binance, Kucoin, and Sushiswap. While FTT has broken below the $1 support, the crypto asset has remained consolidated just below that region at prices between $0.89 and $0.98 per unit.

Tags in this story
alameda, Alameda Research, Altcoins, Binance, Concentration, Exchange Token, Fork, FTT, FTT Below $1, FTT Crash, FTT Market Crash, FTT Price Dump, FTT slides, FTT Supply, FTT whales, FTX Token, FTX’s collapse, IEO, KuCoin, LUNA, Sam Bankman-Fried, Sam Bankman-Fried (SBF), sbf, Sushiswap, Terra collapse, tokenomics, whale concentration

What do you think about the now-defunct FTX’s exchange token FTT and its recent market performance? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin-Tidings.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin-Tidings.com News about the disruptive protocols emerging today.




See also  Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin-Tidings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer