In a big growth for the cryptocurrency market, Binance CEO Changpeng Zhao has stepped down following an settlement with the U.S. Division of Justice (DOJ). This management change has had a right away affect in the marketplace, with FTX’s token, FTT, experiencing a considerable surge in worth, whereas Binance’s personal token, BNB, witnessed a pointy decline.
On the day of Zhao’s resignation, FTT noticed its value bounce by 42% to $4.26, as reported by CoinMarketCap. This rally is especially noteworthy given FTT’s restricted utility however demonstrates robust institutional curiosity regardless of the token’s affiliation with FTX’s previous chapter points. Earlier this month, FTT had reached a year-to-date excessive of $4.3, suggesting a strong restoration momentum from final 12 months’s collapse and rising investor optimism concerning the potential launch of a brand new model of the buying and selling platform.
Conversely, Binance’s BNB token skilled a downturn, plummeting by 13% to $235 in accordance with Santiment. The day earlier than Zhao introduced his departure on Twitter and took private accountability for his actions, BNB was already beneath strain with a $3.73 million liquidation in lengthy positions and a 68% surge in choices exercise quantity. Moreover, ‘s worth dropped to $36,344.38.
This text was generated with the assist of AI and reviewed by an editor. For extra info see our T&C.
