Binance CEO’s Exit Sparks FTX Token Rally to FTT

• The exit of the Binance exchange from the US market as part of the settlement deal amid the upcoming revival of the bankrupt FTX exchange has fueled the high speculation of FTT tokens.
• While BNB coin had dropped about 8 percent in the past 24 hours, FTX’s token FTT had gained over 40 percent in the same period with its daily traded volume up over 500 percent.

With the notable void created after the closure of Binance Holdings Ltd., operations in the United States as part of the settlement deal, legacy crypto exchanges, and prospective firms have gained notable popularity. Although Binance accounts for the lion’s share in the global cryptocurrency trading volume, US-based crypto exchanges have recorded a notable uptick in daily traded volume.

Consequently, crypto traders immersed short-term speculation bets on FTX and its native token FTT. Moreover, the current FTX restructuring team led by CEO John Ray III has narrowed down to three firms in the finalists including Bullish Exchange, Figure Technologies Inc., and Proof Group Capital, whereby the lucky venture capital will be selected by the end of the year.

FTT Thrives on BNB Woes

According to the latest market data, FTT tokens traded slightly above $4 on Wednesday during the early New York session, up over 40 percent in the last 24 hours. It is worth noting that the FTT daily trading volume had spiked over 511 percent during the past 24 hours to about $379 million and a fully diluted valuation of about $1.4 billion. Interestingly, the largest FTT trading volume in the past 24 hours was recorded on rival Binance through the USDT pair, followed by Gate.io and Kucoin. 

On the other hand, BNB’s price had shrunk about 8 percent in the last 24 hours to trade around $233 on Wednesday. However, the quick intervention by the Binance team to restore customers’ confidence through the appointment of a new Chief Executive Officer, Richard Teng, a former head of regional markets. As a result, on-chain data shows some crypto whales had doubled down on BNB with speculation of imminent bounce amid heightened social dominance and trading volume.

After #Binance settled with the U.S. Department of Justice, the whale who was good at accumulating $BNB at price lows accumulated 2,732 $BNB($646K) again.

The whale accumulated a total of 17,152 $BNB($4.06M) at an average price of $253 since May 10. https://t.co/zTxq1uQbrm pic.twitter.com/fh1crsADMC

— Lookonchain (@lookonchain) November 22, 2023

Ultimately, the Binance ecosystem remains well bolstered by the vibrant online, whereby the exchange boasts more than 160 million registered users and dozens of operating licenses in different jurisdictions. Additionally, the newly appointed Binance CEO, Teng, reassured customers that the exchange does not have any outstanding debt and has a strong balance sheet.

Market Glimpse

Following the Binance settlement closure, market pundits opined that the crypto industry can progress quickly with mainstream adoption. Furthermore, most altcoins, led by Ethereum (ETH), which has gained about 2 percent in the past 24 hours, have shown signs of further breakout and recovery. Additionally, Bitcoin price has held onto the support level around $36.4k despite the high-impact news, signaling more investors are confident in the long-term success of the crypto and web3 industry.