FTT Token Drops

FTT, the token native to FTX, plunged from $22 to $5 on Monday, losing more than $2 billion in a single day. It came after FTX rival Binance, the world’s largest cryptocurrency firm, announced plans to acquire the company. The acquisition affects FTX’s business outside of the U.S., and the U.S. side of the business will remain independent of Binance. The ripple effect was seen across other cryptocurrencies with Bitcoin and Ethereum dropping more than 10 percent.