FTX Token (FTT) in Desperate Position: Crypto Market Review, November 7

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$FTT does not feel so good after 16% plunge, and Alameda still was not able to drag it upward

As we mentioned in our previous article, the fact that Binance has a plan to sell millions worth of FTT tokens on the market caused a panic among FTX investors. The exchange had no other choice but to pull funds from its reserve wallets to handle a surge in withdrawals.

However, the surge in outflows is beneficial to Binance, which will most likely become a new home for those funds.While some part of the cryptocurrency market remains in panic, assets like Litecoin show nothing but strength on the market, with their value reaching new highs. In the last seven days, However, the short-term cooldown might launch yet another rally on LTC, which would put it into reversal status.potentially brought pessimism to Ethereum investors, as its performance was similar to what we saw on FTT. The second biggest cryptocurrency on the market lost more than 3.5% of its value since yesterday and now forms a spinning bottom candlestick pattern.

 

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