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Crypto markets roiled by Binance FTT sale

Posted:Nov 08, 2022 13:22 Category: Crypto , Fintech , Posted by
Sharon

Cryptocurrency prices were sharply lower on Tuesday on concern over the fallout from Binance’s decision to sell off its holdings of FTT tokens.

Binance CEO Changpeng Zhao announced he was selling $530 million of FTT, the native token of FTX, in a Twitter post on Monday. He said the decision followed recent revelations, without being more specific . 

Altogether, Binance holds about $2.1 billion in FTT following its exit from FTX equity last year. 

Zhao said the total sale would take a few months to complete and he would try to do it in a way to minimize the impact.

That said, on Tuesday bitcoin fell 6.4% to $19,370, the lowest level in two weeks. Smaller altcoins and tokens with ties to FTX fell further. FTT plunged 18% and Solana, which is backed by FTX and Alameda, plunged nearly 20%, according to Bloomberg figures. 

FTT is the coin of billionaire Sam Bankman-Fried’s FTX.

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