{"id":14375,"date":"2022-11-09T17:56:54","date_gmt":"2022-11-09T17:56:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftt-fire-sale-sends-token-over-70-lower-sol-also-falls-significantly-market-updates-bitcoin-news\/"},"modified":"2022-11-09T17:56:54","modified_gmt":"2022-11-09T17:56:54","slug":"ftt-fire-sale-sends-token-over-70-lower-sol-also-falls-significantly-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftt-fire-sale-sends-token-over-70-lower-sol-also-falls-significantly-market-updates-bitcoin-news\/","title":{"rendered":"FTT Fire Sale Sends Token Over 70% Lower, SOL Also Falls Significantly \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

FTX Token plunged by over 70% in today\u2019s session, as sentiment surrounding Binance\u2019s potential buyout of FTX continued to raise market eyebrows. Following speculation that FTX could be insolvent, Binance\u2019s Changpeng \u201cCZ\u201d Zhao moved to acquire the firm, pending due diligence. Solana is also significantly lower, due to FTX\u2019s sister company Alameda currently holding large amounts of SOL.<\/strong><\/p>\n

FTX Token (FTT)<\/h2>\n

FTX Token (FTT) continued to sink on Wednesday, as the token lost over 70% of its value in today\u2019s session.<\/p>\n

Following yesterday\u2019s high of $19.51, FTT\/USD plunged to an intraday low of $3.15 earlier in the day.<\/p>\n

The move came as markets continued to digest Binance\u2019s decision to agree to an acquisition of the firm, pending due diligence (DD).<\/p>\n

\"Biggest
FTT\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Many believe that the DD could show the true significance of FTX\u2019s balance sheet, which some expect could intensify the current sell-off.<\/p>\n

As of writing, the 14-day relative strength index (RSI) is at 11.98, which is its weakest point on record, eclipsing yesterday\u2019s record reading of 23.79.<\/p>\n

Despite prices already in the depths of bearish territory, there could be more still to come, should 1) an acquisition not be completed, or 2) damning news be revealed about FTX.<\/p>\n

Solana (SOL)<\/h2>\n

In addition to FTT, solana (SOL) was another notable loser on Wednesday, as the once top 10 cryptocurrency fell by nearly 40%.<\/p>\n

SOL\/USD dropped to a low of $16.47 on Wednesday, less than 24 hours after residing at a peak of $31.06.<\/p>\n

This decline in solana comes as traders believe that FTX\u2019s sister company Alameda could move to sell its holdings of SOL, to obtain liquidity.<\/p>\n

\"Biggest
SOL\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, SOL is now down for a fourth straight day, with its RSI currently tracking at 26.95, close to a floor of 27.00.<\/p>\n

In addition to this, the 10-day (red) moving average looks set for a downwards cross against its 25-day (blue) counterpart, which could trigger even more declines.<\/p>\n

As of writing, SOL has marginally rebounded, as is currently trading at $18.70.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect solana to fall below $10.00 this week? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Maurice NORBERT \/ Shutterstock.com<\/em><\/p>\n

\n

Disclaimer<\/strong>: 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.com<\/a> 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.<\/p>\n<\/div>\n

\n