- FTX moves $36M of MATIC and AVAX to Binance amid ongoing liquidation.
- MATIC and AVAX prices show signs of recovery after recent declines.
- FTT token experiences a remarkable surge of over 30% in 24 hours.
In the ongoing aftermath of FTX’s recent crash, the cryptocurrency exchange has executed a substantial movement of assets, transferring over $36 million worth of Polygon (MATIC) and Avalanche (AVAX) to the Binance exchange in the past 24 hours. This strategic move is part of FTX’s broader initiative to liquidate crypto assets and address outstanding debts resulting from the recent market turmoil.
FTX’s Asset Transfer Details
According to data from Lookonchain, FTX recently initiated the transfer of approximately 26 million MATIC tokens, valued at around $17 million, and 975,000 AVAX tokens, amounting to approximately $19.25 million, to the Binance platform. This sizable transaction contributes to FTX’s overall asset movement exceeding $36 million within the last day.
Polygon and Avalanche Price Trends
Over the same period, Polygon experienced a notable decline of over 10%, settling at around $0.72 as of the close of trading on November 21st. This downturn extended a two-day drop of approximately 15%. Despite this, MATIC showcased signs of recovery, witnessing a price increase of over 4% to trade around $0.76 at the time of the latest update. The Relative Strength Index (RSI) indicated a potential upward trend, although it remained below the neutral line.
Similarly, AVAX encountered a substantial decline of over 16% between November 20th and 21st. Nevertheless, there was a recovery phase in progress at the time of this report, with AVAX’s price surging by more than 5% to reach around $20. Notably, AVAX displayed a strong bullish trend, with its RSI surpassing 60%, setting it apart from MATIC.
FTT Token’s Remarkable Gains
In the midst of ongoing discussions regarding the potential restart of FTX, its native token, FTT, experienced significant movements in the past 24 hours. A careful examination of the daily price trend chart revealed an impressive surge of over 30%, propelling FTT to around $4.3 at the time of this update. Additionally, the Relative Strength Index (RSI) indicated that FTT was entering oversold territory, suggesting potential market dynamics that warrant close attention.
As the cryptocurrency market continues to navigate through uncertainties, FTX’s strategic asset movements and the remarkable performance of FTT underscore the evolving landscape of digital assets and the resilience of certain tokens in the face of market challenges.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.