Binance announces FTX acquisition following which FTT token takes a downward dip
This Wednesday morning, crypto prices are in the red. Overnight, the global crypto market cap has dropped 10.85 per cent and is currently sitting at around $900 billion. After a shocking run on billionaire Sam Bankman-FTX Fried's crypto exchange, a lot has changed in the industry. FTX is, in all likelihood, no longer what it used to be, and Bitcoin has fallen to a two-year low.
The market is on shaky ground as a result of a feud between two of the wealthiest exchange owners in the crypto world. Since Binance CEO announced that his exchange would sell its massive stack of FTT tokens, the token's price has plummeted.