It seems that the crypto market is going to witness another worst moment after just recovering from the prolonged effect of the historic crash of Terra’s LUNA in May.
A leaked report from Sam Bankman Fried (SBF)-founded trading platform, Alameda Research, claimed that the firm’s billions of dollars ($3.2B) worth of assets are locked in FTX’s native token FTT, which may lead to a crypto crash anytime soon.
This incident has forced FTX’s rival Binance to sell off their FTT holdings as the CEO Changpeng Zhao is going sell off Binance’s FTT holdings worth $2.1 billion to avoid any loss that happened during the LUNA crash.
Moreover, the massive sell-off of FTT tokens in exchange for stablecoins and altcoins may lead to a price dump of cryptocurrencies, including SRM, LDO, BTC, ETH, RNDR, BIT, GOG, UNI, SUSHI, AVAX.
Trailer Of Altcoins’ Bloodbath With FTT Begins!
The massive sell-off of FTT tokens will not only create selling pressure and a price drop for FTT in the chart but will also take several altcoins and stablecoins to the bottom levels.
According to on-chain data provider, Lookonchain, Alameda holds a significant amount of stablecoins and altcoins as the trading platform is constantly exchanging FTT tokens.
តើការសរសេរនេះមានប្រយោជន៍ទេ?
Source: https://coinpedia.org/price-analysis/ftt-token-may-ignite-a-death-rally-soon-for-major-altcoins-and-stablecoins-here-is-what-happening/