Binance Starts Selling Altcoins: Price Drops!

CZ, CEO of cryptocurrency exchange Binance, announced that he will liquidate FTT tokens. While there are delays in Bitcoin and stablecoin transfers on the exchange, problems are increasing for the crypto exchange FTX. Additionally, Ethereum reserves on crypto exchanges are at a record low. FTX founder Sam Bankman-Fried, on the other hand, is trying to settle matters and resolve FUD.

Binance CEO announced that he will start selling

As we have reported as; Things are heating up between Binance CEO CZ and FTX CEO Sam Bnakman-Fried. Following the accusations, Binance CEO made a statement that “We will sell our FTT tokens”. This event created a bombshell effect on the crypto money markets. Valuable movements have begun to be seen in FTT, the altcoin of the FTX exchange. The information shared by the on-chain tracking platform Lookonchain included the following:

A small FTT whale transferred 491,534 FTT (worth $10.9 million) to Binance.

It is shared that the person or institution included in the data received FTT at $29.2 on August 5. Despite the loss, the whale has a tendency to sell. The platform stated that many small investors started to sell their FTT tokens after the events.

Selling in investors who bought it in the last week

The on-chain tracking platform shared data on other valuable token sales. According to the information contained in the information; 0xa168 wallet address received FTT until 4 days ago. But it started selling, despite its average of $39.6. Subsequently, it sold 16,385 FTT tokens for a total of 376 thousand dollars.

However, the address 0xfe2c put its tokens, which it bought at $ 54 and held since May 2021, on sale 6 hours ago. He reported that the investor sold his FTTs, which he spent a total of $1.83 million, with a loss of $1 million. FTT, which has been decreasing since November 6, is currently continuing to see the process at $ 22.46.

Ethereum reserves located in FTX

FTX is trying to increase its Ethereum reserves through subsidiaries and other crypto exchanges. According to Nansen, SBF-owned Alameda has sent 26,600 ETH to FTX in the last 24 hours. The ETH balance available at Alameda stated as 9,325 ETH. In addition, large stablecoins were sent by Alameda to the FTX hot wallet address from other crypto exchanges. PeckShieldAlert data revealed that FTX removed 1,985 ETH liquidity from Gearbox Protocol.

Also, FTX has difficulty processing Bitcoin withdrawals due to the finite output of the node. There are complaints that users wait in processes from the middle of about 5 to 10 hours. The stablecoin generation and redemption processes are also slow in FTX. The cryptocurrency exchange blamed banks for the slowdown in stablecoin production and redemption processes.

Binance’s liquidation of FTT tokens resulted in FUD. It then made a valuable impact on the cryptocurrency market. The FTT token price continues to decline as Binance CEO CZ announces his plans to divest all FTTs over the next few months. Volatility increased in the token as the price continued to fluctuate sharply.

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