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

Despite FTX’s illness past month, the trading platform’s crypto token FTT had managed to not plummet each the mode down to zero, and amazingly it hovered beneath the $2 per portion portion aft Nov. 12, 2022. For 38 days FTT remained supra the $1 per portion country up until Dec. 19, arsenic the token abruptly crashed beneath the $1 portion during the mid-afternoon trading sessions, slipping to a debased of $0.89 per FTT astatine 2:30 p.m. (ET).

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

Ftx token (FTT), the crypto speech ERC20 coin tied to the now-defunct exchange, FTX, broke beneath the $1 enactment enactment connected Monday, Dec. 19, 2022. Interestingly, dissimilar the Terra illness and the autochthonal token LUNA dive bombing to zero, FTT fell from $25.78 per coin connected Nov. 5, 2022, to astir $1.59 per portion connected Nov. 14, 3 days aft FTX filed for bankruptcy protection.

FTT crashed beneath the $1 scope connected Monday, Dec. 19, 2022, and FTT has remained beneath that terms since the enactment broke.

FTT tapped $1.92 per coin the pursuing time connected Nov. 15, and it would not spot that terms tallness again aft that point. For 38 consecutive days since Nov. 12, FTT has been beneath $2 and supra the $1 range, and it tapped a precocious of $1.88 per coin connected Dec. 9. 11 days later, FTT markets are struggling and for the archetypal clip since the token was launched, it reached its all-time debased Dec. 19.

The speech token sunk to $0.894 per portion astatine astir 2:30 p.m. (ET) connected Monday afternoon. On Tuesday, astatine the clip of writing, FTT is down 8.6% against the U.S. dollar. While FTT’s terms remains beneath $1, a myriad of crypto assets connected Tuesday person seen gains and FTT has not. FTT’s marketplace headdress fertile is not applicable due to the fact that the project’s declaration deployer unlocked the locked FTT tokens into circulation past month.

Coin marketplace headdress aggregation sites similar coingecko.com bash not fertile the crypto asset’s headdress among the thousands of different crypto assets listed. It is assumed there’s a full proviso of 328,895,112 FTT tokens successful the chaotic contiguous and during the past 24 hours, FTT has seen $7.26 cardinal successful planetary commercialized volume.

FTT commercialized volumes person dwindled a large woody since FTX’s illness and contiguous the astir progressive FTT trading is taking spot connected Binance, Kucoin, and Sushiswap. While FTT has breached beneath the $1 support, the crypto plus has remained consolidated conscionable beneath that portion astatine prices betwixt $0.89 and $0.98 per unit.

What bash you deliberation astir the now-defunct FTX’s speech token FTT and its caller marketplace performance? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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