FTT Token, the native coin of the failed crypto exchange FTX, is experiencing a slide in today’s trading session. While it started the trading day negatively, it showed no recovery and further declined in price, recording up to an 8% loss and finding a spot in the top 3 losers in the sector.
The drop in the prices of cryptocurrencies, including FTT, could be attributed to Bitcoin’s negative price action. The largest cryptocurrency by market cap was declining in dominance, but a surge in selling pressure reverted this trend and dragged the rest of the market with it.
Yesterday’s trade session saw a drop in Bitcoin price as it failed to hold the key support level at $29,200. This resulted in a free fall of Bitcoin, looking to identify the next support area to hold up.
Bitcoin finally found some support at $28,600, although some Altcoins had already suffered the tolling effects from the drop. The Bitcoin fear and greed index had also shifted to a neutral number of 52, indicating a possible sideways movement in the markets. According to Coinmarketcap data, the FTT token trades at $1.9 from its 24-hour highs of $2.0751. While the news of FTX reopening could boost the FTT token price, it is far from conclusive and definite.
(by Mudiaga Iritare)
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