FTX Token Shows Strong Gains Following Binance CEO’s Resignation 


FTT witnessed a 16% rise in the last day. Changpeng Zhao, also known as “CZ,” the CEO of Binance, has agreed to stand down as part of a deal with the US Department of Justice, which has led to the increase.

Against a $235 market cap, Binance’s native cryptocurrency BNB fell 13% on Tuesday. As of this writing, FTT was worth $3.64 on the market.

“While many blame the Binance news for the largest retracement of the year, the reality is that altcoins had already been witnessing declining market caps,” said Santiment, an analytics organization. Curiously, it seems that some traders are trading their BNB for FTT, FTX’s cryptocurrency.

Long BNB holdings valued at $3.73 million and short BNB positions at $1.61 million were liquidated by Coinglass. New information reveals that the volume of BNB options increased by 68% to $2.41 million, while the open interest in those options increased by 29% to $3.47 million.

“Admittedly, it was not easy to let go emotionally,” Zhao tweeted in response to his resignation. My conscience tells me otherwise, however. I am the one who has to own up to my faults. All parties involved—the community, Binance, and myself—will benefit from this.”

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