The value of FTX’s FTT Token dropped by 78% in only 24 hours, while Bitcoin reached a new yearly low.

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The value of FTX's FTT Token dropped by 78% in only 24 hours, while Bitcoin reached a new yearly low.

According to statistics provided by CoinGecko, the price of FTT has decreased by over 78% in the last 24 hours, going from around $22 to $4.87.

Tuesday was the day when the FTX token dropped to its all-time low of $3.12, after which it rose slightly to just over four dollars, before falling again to about $5.48 at the time of this writing. FTT has dropped by about 93% after reaching an all-time high of $84 in September of the previous year.

Bitcoin, the largest cryptocurrency by market cap, isn’t doing too well either. BTC is down nearly 10% in the past day, hitting a new yearly low of $17,579, per CoinGecko data.

BTC has fallen 73% from its all-time high of just over $69,000 in November 2021. BTC previously fell below the $18,000 mark earlier this year, slipping to $17,772 back in June.

The plummeting price of FTT comes as both Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam Bankman-Fried confirmed Tuesday that Binance would acquire FTX as the latter faced a “significant liquidity crunch.”

Just days ago, CZ shared that he was selling all of Binance’s holdings of FTT, worth at least $500 million.

“Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books,” CZ said Sunday, without disclosing exactly what the “revelations” were.

“We will try to do so in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this will take a few months to complete,” he added.

FTX Exchange’s Token FTT Plummets Below $22 as Binance-Led Selling Continues

Despite CZ’s expressed desire to minimize the impact of Binance’s FTT selloff, it’s still likely this initial announcement affected the price action of FTT. CZ denies causing any of FTX’s financial turmoil.

“There were also conspiracy theories that I somehow orchestrated this whole thing,” he wrote on Twitter Monday of FTX’s recent troubles. “If you read this thread, you would appreciate that no one can orchestrate this.”

CZ later provided a bit more context on why Binance was selling its FTT, calling it “post-exit risk management.”

He also said that he “won’t support people who lobby against other industry players behind their backs.” Such a statement could be a reference to Bankman-Fried, who is known for being a crypto advocate in Washington D.C. SBF’s Alameda Research donated $6.2 million to Biden’s prior campaign, and FTX.US donated $5.2 million.

It’s worth noting that Binance and FTX’s U.S. counterparts do not yet appear to be involved in the acquisition deal as Binance plans to take on FTX’s international arm.

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