The decentralised world is one of many wonders that can leave many in the dust if they're not quick enough on the clicker and the FTX drama is a core example of how volatile the sector truly is. It also highlights the importance on ensuring you're across the emerging crypto news in order not to make the wrong movements as one wrong click could quite easily spend the end of your investment portfolio.
It was only November last year when one of the largest Crypto exchanges FTX imploded taking $US32 Billion to dust and even costing one father his home and $US896,000 he had invested in the exchange.
There is a saying in Crypto which is HODL and what that means is Hold which is based on early years investing when prices were so volatile that they would drop to near nothing and then return to their previous highs. It hasn't been this way for some time but FTX seems to be bringing the old saying back.
Overnight people awoke to witness some out of this world price runs on the doomed exchanges native token FTX rising 100% than declining slightly to the 78% increase. The token has seen a 1456% increase in trading volume to a whopping $318,883,656 brining the tokens market cap close to $US1 Billion in just a short time.
94% of the trading volume is currently coming from Binance the second biggest market is Kucoin with smaller trades on other Decentralised Exchanges. The FTT BUSD pair is the most popular trading pair followed by USDT.
Many have been left in the unknown on what has caused the price pump and if it is someone pumping the token for quick games or if there is a legitimate reason for the tokens price increase.
The price pump comes as news breaks from statements made by FTX lawyers in their court case yesterday where the companies attorneys, Sullivan & Cromwell stated that FTX is considering reopening at some point in the future.
The company has managed to claw back $US7.2 Billion in funds which comes at a time where the troubled company faces bankruptcy issues and needs to raise capital to pay for much of it's troubles.
As all things in the crypto world Hype sells the most and FTX is currently front and center in the news so investors beware.
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
