FTX Token Price Prediction - Will FTT Go to $0 Like Luna? Traders Buying These Coins Instead
Binance is buying FTX and the market has been thrown into turmoil as traders try to make sense of what it all means for crypto.
For those with funds on FTX, many will be wondering whether Sam Bankman-Fried's commitment to honour assets 1:1 and that its "assets are fine" will be worth the tweet it was written in.
FTT, the native coin of the FTX exchange, initially looked like it was attempting a recovery from a 32% fall earlier in the day. But that didn't last. Within an hour of CZ – Changpeng Zhao – posting the news on Twitter that Binance was acquiring the rival exchange, the price turned south.
At the time of writing, FTT is priced at $3.55, down 84% on the day.
Such is the selling pressure, as the run on the exchange is compounded by selling of the token across all exchanges, the likelihood of the coin losing all of its value is rising. FTT could "do a Terra Luna" and go to zero.
Even by the standards of crypto, trading has been a rollercoaster ride today.
Such is the footprint of FTX and the Alameda trading house that stands behind it, its implosion will reshape the entire industry.
Even though the BNB price has also fallen along with the rest of the market, the Binance exchange is likely to emerge as the big winner. Already the largest exchange globally, Binance will now tower over all other competitors.
Adding to crypto's trauma is the nervousness in equities today against the background of the US midterm elections and US CPI inflation data due out on Thursday.
Not surprisingly perhaps, traders are either exiting the market, going short, or looking for less risky trades.
But as Warren Buffett has famously said, when other are fearful, that's the time to be greedy.
And if you are looking for market-beating returns it is
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