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Tuesday’s Crypto Selloff

Published: 08.11.2022
by Joseph Jeffriess

Hi traders, today you may have noticed the sharp selloff across the crypto boards. protective puts have been in demand due to the sharp selloff on FTT, the native token of the crypto exchange FTX.

FTT token dropped 20%, hitting lows not seen since 2021, extending its 13% slide seen last week. Rumours swirled that FTX could be insolvent, which have been shot down by its CEO Sam Bankman-Fried. Reports have also said that Binance has liquidated FFT tokens.

This looks to be rattling an already shaky market not long after terra luna ripped confidence out of the crypto market, setting off this year’s plunge.

Hopefully, we won’t see a repeat of that type of selling, and currently, we are seeing coins pulling back from session lows. SOL hit 24.63 but is currently trading at 28.07. This is also the case across most of the top 25, so hopefully, we will see the current recovery trends continue to hold out.

The FTX story continues, so traders defiantly should keep an eye on any new developments.

Looking below at Solana’s daily chart we can see just how much panic hit the markets today. price briefly broke its 2022 low before fighting back.

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