On Tuesday, November 21, the BNB value confronted adversarial headwinds following the announcement that Changpeng Zhao, the founder Binance crypto change, was stepping down from his position as CEO. This transfer triggered a crash within the value of BNB, the native token of the change. Nevertheless, across the identical time, there was a noticeable enhance within the value of FTT, the native token of the bankrupt FTX change. This has led to speculations that crypto buyers could also be dumping their BNB for FTT.
Crypto Merchants Shifting From BNB To FTT
In a report that was posted by the on-chain tracker Santiment, there was a noticeable shift within the BNB value towards the FTT value. In what could be categorized as a purple day for the crypto market, just a few cash noticed an upside and FTT was a kind of.
Because the onslaught continued, the BNB token had fallen round 10%, however the FTT token on the identical time was seeing optimistic headwinds of round 7%. It was one of many solely tokens to return to the inexperienced territory and has maintained a fairly constant uptrend since then.
Given this, Santiment speculates that merchants could also be dumping their BNB for the FTT token right now, particularly because the Binance change is at present shrouded in controversy. “
Though many see the #Binance information as the principle wrongdoer for one of many greatest retraces of the yr, the very fact of the matter is that #altcoins had already seeing shrinking market caps. Curiously, it seems some merchants are swapping their $BNB for @FTX_Official’s $FTT,” the tracker stated.
FTT Token soars as BNB suffers | Supply: FTTUSDT on Tradingview.com
FTX Token Leads Market Positive factors
The hypothesis that buyers are leaving BNB for FTT isn’t with out advantage, particularly given the truth that FTT has been on a speedy rise for the reason that Binance settlement was introduced. Based on knowledge from CoinMarketCap, the FTT Token is already up greater than 12% within the final day. This makes it the top-gaining cryptocurrency available in the market over the past day.
In distinction, BNB has suffered by the hands of bears who proceed to dump the token. CoinMarketCap knowledge places it because the second top-loser within the final day, with 9.38% losses, arising behind PancakeSwap’s CAKE with 9.82% losses.
Because the Binance change adjusts to its new regular underneath its new management, it’s anticipated that this draw back will proceed till the market stabilizes. Nevertheless, Santiment notes {that a} fast status restoration might see the value of the altcoin bounce again rapidly as dealer FUD stays on the excessive aspect.
BNB is at present buying and selling at $233 after recovering from its $223 low on Tuesday. Contemplating that the crypto change has been requested to pay $4 billion in fines to regulators, the altcoin seems to be holding up fairly properly.
