FTX sell-off continues: $36 mln in AVAX, MATIC moved

Journalist

Posted: November 23, 2023

Around $36 million worth of AVAX and Polygon has been moved to the Binance exchange.
FTT has gone up by over 30% in the last 24 hours.

Over the past 24 hours, FTX [FTT] transferred $36 million of Polygon [MATIC] and Avalanche [AVAX] to the Binance [BNB] exchange. The price trend of FTT exhibited an intriguing movement during the same period.

FTX moves over $30 million worth of MATIC and AVAX

As per Lookonchain, FTX has recently transferred approximately 26 million MATIC tokens, valued at around $17 million, and 975,000 AVAX tokens, worth approximately $19.25 million, to the Binance exchange.

This transaction contributed to the exchange’s total asset movement of over $36 million in the last 24 hours. This action is part of FTX’s ongoing liquidation of crypto assets to address outstanding debts following its crash.

How Polygon and Avalanche have trended in the past 24 hours

As of the close of trading on the 21st of November, Polygon had undergone a notable decrease of over 10%, settling at around $0.72. This decline extended the drop observed in the past two days to around 15%.

However, at the time of this update, MATIC had exhibited a recovery. Its price rose by over 4% to trade around $0.76. The Relative Strength Index (RSI) also indicated signs of an upward trend, though it remained below the neutral line.

Source: TradingView

The price of AVAX also witnessed a substantial decline in the preceding days. Between the 20th and the 21st of November, AVAX saw a decline of over 16%. Like MATIC, it was in a recovery phase at press time, experiencing an increase of more than 5%, reaching around $20.

AVAX was exhibiting a strong bullish trend at the time of writing, with its RSI surpassing 60%, distinguishing it from MATIC.

Source: TradingView

FTT posts massive gains

Another intriguing price development involves the FTT token. While discussions about restarting the exchange persist, concrete outcomes have yet to exist. However, the exchange’s native token has demonstrated notable movements in the past 24 hours.

Realistic or not, here’s AVAX’s market cap in SOL’s terms

An examination of the daily price trend chart revealed a substantial increase. At the time of this update, FTT had surged by over 30%, reaching around $4.3. Also, the RSI was moving into oversold territory.