FTX’s FTT token 28% – Binance effect or FTX 2.0 reopening?
With market uncertainty surrounding Changpeng's “CZ” Zhao's departure as CEO of Binance, the defunct crypto exchange saw a brief bull run in FTX's native FTX Token (FTT). FTT has increased in value in the last 48 hours.
FTT is experiencing another big boost following Binance's $4.3 billion settlement with the United States Department of Justice, according to on-chain analytics firm Sentiment, which showed that the 10 largest wallets accumulated $12.8 million in 19 days.
According to Santiment, FTT has recorded a 337 percent gain on the monthly chart, with the bulk of these gains occurring in the past 10 days, which has seen FTT's market cap rise by 255 percent against Bitcoin (BTC).
Those who took a chance on $FTT continue to reap rewards, with the second rally for the #FTX native token coming after yesterday's #Binance news. The 10 largest wallets appear to have increased in value, accumulating $12.8 million worth of coins in 19 days. pic.twitter.com/DL5pkVfW96
— Santiment (@santimentfeed) November 23, 2023
FTX's recent move to liquidate its assets and transfer valuable funds to various exchanges has sparked a surge in activity in the cryptocurrency market. From November 21-22, FTX and its affiliate Alameda Research made a total of $474 million worth of asset transfers, which may have a lower price on FTT.
This move is part of a wider effort to manage the financial obligations of unregulated exchanges and pave the way for a new phase called FTX 2.0. FTX Group plans to relaunch the exchange in the second quarter of 2024.
Related: Setting New Standards for Crypto Exchanges in the Post-FTX Era: Report
Binance's BNB (BNB) token declined despite the FTT token rally after the Binance and CZ news, showing a 13% drop to $235. According to data from Defillama, Binance's 24-hour inflow topped $1 billion at 3:30 p.m. Hong Kong on Nov. 22. The exchange's net inflow reached $703.1 million in seven days.
“The foundation on which Binance stands is stronger than ever,” Binance's new CEO Teng said in an introductory post on X (formerly Twitter). Teng said he will initially focus on three aspects of the business: restoring investor confidence, cooperating with regulators and driving Web3 adoption.
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