The worldwide cryptocurrency is plunging as we speak, and one of many largest losers is the FTT token. FTT is down by 73% within the final 24 hours, and on the time of writing, it was buying and selling at $4.52. FTT’s decline comes amid the weak monetary place of the FTX change.

Is FTT the subsequent LUNA?

In Might 2022, LUNA’s value witnessed a large drop to $0 after the TerraUSD stablecoin misplaced its peg. Earlier than its collapse, LUNA was one of many prime ten largest cryptocurrencies by market capitalization. The decline precipitated billions of {dollars} price of losses to buyers.

The present development being taken by FTT is much like the one adopted by LUNA earlier this 12 months. Previously 24 hours, FTT has dropped from $19 and $4, indicating an over 70% loss. The token’s 24-hour low at the moment stands at $3.12, in line with CoinGecko.

The plunge can also be affecting the FTT market cap, which has now declined to round $591 million. The token now ranks because the 70^th largest cryptocurrency by this metric. The latest losses have seen FTT dropping 94% from its all-time excessive of $84 created in September final 12 months.

FTX’s liquidity crunch

The drop within the FTT token comes amid a liquidity crunch on the FTX change, which points the token. Amid the liquidity points, the CEO of FTX, Sam Bankman-Fried, stated that he had reached a cope with Binance to course of person withdrawals at 1:1. The Binance CEO, Changpeng Zhao, has additionally stated that the change had secured a non-binding settlement to accumulate FTX.

The woes surrounding the FTX change additionally come after a leaked steadiness sheet displaying that Alameda held many FTT tokens. The revelations raised considerations over the liquidity of the corporate.

CZ had additionally earlier revealed that Binance would liquidate its whole FTT portfolio due to “latest revelations.” A day earlier than Bankman-Fried stated that his change was in search of Binance’s assist, he had assured customers that every one their property had been secure.

Three altcoins to purchase as we speak

If you’re in search of the most effective cryptos to put money into for the subsequent altcoin season, you may contemplate Sprint 2 Commerce, IMPT, and Calvaria.

Sprint 2 Commerce is at the moment in one of many largest presales of this 12 months. Sprint 2 Commerce is an analytics and intelligence terminal that crypto buyers can use to get pointers about the most effective crypto property to purchase and promote. The Sprint 2 Commerce presale has raised greater than $5.77 million.

The second presale with big upside potential is IMPT. IMPT.io is a undertaking that may mint carbon credit within the type of non-fungible tokens (NFTs) to assist the discount of carbon emissions. as a inexperienced crypto, the IMPT presale is exploding, and it’s within the second stage, the place it has raised greater than $12.56 million.

The third presale to contemplate investing in as we speak is for Calvaria. Calvaria is a brand new platform supporting a play-to-earn sport referred to as Duels of Eternity. On this sport, gamers create distinctive playing cards and battle one another inside a digital world. RIA, the token powering the Calvaria ecosystem, has raised greater than $1.65 million.

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