FTX Token Price Prediction - Can FTX Recover as it Falls 70% in 24 Hours
FTX Token price prediction is bearish as FTT has plunged over 80% from $22 to $4. On Tuesday, Sam Bankman-Fried shocked the cryptocurrency community by announcing that Binance would acquire his exchange, FTX.
However, the purchase was revealed by FTX CEO Bankman-Fried in a tweet on Tuesday, and only hours before that, the drama was brewing in the background as the exchanges' founders appeared to be arguing over Twitter.
According to Bloomberg, over the past few months, Binance CEO Changpeng "CZ" Zhao and Bankman-Fried have engaged in a public Twitter feud over topics such as political lobbying and front-running deals.
When a broker gets inside information about a prospective transaction that could affect the price of an asset, they may "front-run" the market by trading in that asset before the transaction takes place.
This most recent altercation began on Sunday when Zhao announced through Twitter that Binance would be selling all of its FTT tokens, a cryptocurrency token unique to FTX, because of "recent findings."
In December 2019, Binance invested FTX, but it has since sold that share in exchange for Binance USD stablecoin and FTT tokens. Bankman-Fried appeared to respond to Zhao on Monday, tweeting, "a competitor is trying to go after us with false rumors," as reported by Bloomberg and Reuters.
A message was sent to FTX employees by Bankman-Fried on Monday night as evidence that $6 billion had been removed from the exchange in the 72 hours prior to Tuesday morning. Perhaps as a result of this, on Monday, Bankman-Fried tagged Zhao in a tweet in which he said,
"I'd love it, @cz_binance, if we could work together for the ecosystem."
However, a tweet has since been removed. Tuesday, it looked like Bankman-Fried and Zhao had
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