The FTX token experienced a significant decline in value over the past 24 hours, with a drop of 10.18%. This decline comes at a time when the crypto community is buzzing about Satoshi Nakamoto’s identity and an HBO documentary that aims to uncover the truth behind the creator of Bitcoin. In addition to these discussions, former FTX executive Ryan Salame has begun serving his prison sentence, which is set to last for seven and a half years.
Looking specifically at the FTX token, it has seen a series of drops in value over the past day. Despite a brief attempt at recovery, the token ultimately recorded a 10.18% decline. At the start of the day, FTT was trading at $2.48, but as the day progressed, bearish candles took over, leading to its current trading price of $2.24 according to CMC data.
Interestingly, over the past month, the altcoin has displayed intriguing price movements, largely influenced by the exchange’s expectations regarding repayments and reorganization plans. Analyzing its weekly price charts, FTT has seen a 3.95% increase in value, thanks to a recent surge in prices. Notably, on October 7, the token reached its highest value in 269 days, hitting $3.43.
In terms of market sentiment, the token’s RSI currently stands at 59.04, indicating a neutral outlook. However, in the past few days, FTT briefly entered the overbought territory, as shown by TradingView data. Additionally, the token has exhibited high volatility, with the RVI standing at 50.53.
Moving on to Ryan Salame’s imprisonment, the former FTX executive pleaded guilty to engaging in unlawful campaign donations, resulting in him making millions of dollars. He was sentenced to seven and a half years in prison back in May, and his term officially began on October 7. Surprisingly, Salame has expressed enthusiasm about this experience, seeing it as something “exciting.”
Meanwhile, FTX exchange recently received approval from a US bankruptcy judge for its reorganization plan. This comes after the exchange’s $12.7 billion repayment plan was approved by the US court in August.
In other news, Crypto.com has filed a lawsuit against the SEC regarding allegations of unregistered operations.
