CandleFocus FTX Token (FTT) Price Crashes 16% as Massive Selling Follows Repayment Plan
2024-10-08
Author: Content Editor
FTX Token (FTT) experienced a sharp downturn, losing 16% of its value in 12 hours after a 92% rally fueled by optimism surrounding FTX's asset compensation plan. The approval of the plan by the Delaware District Bankruptcy Court caused many investors to lock in profits, leading to a wave of profit-taking and a drop in FTT's price. FTT holders are preemptively cashing out due to skepticism about the compensation plan, causing the token's value to plummet. The market sentiment has turned bearish, and technical indicators suggest a reversal in trend. FTT's high volatility indicates further price fluctuations, and investors should be prepared for continued instability.
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