FTX Token Skyrockets 40%, Surpassing Bitcoin and Ethereum Gains — Sets Off Short Squeeze

After weeks of stagnation, the crypto market roared back to life on Monday as coins with smaller market capitalizations outperformed larger ones like Bitcoin BTC/USD and Ethereum ETH/USD. 

What Happened: Among the biggest winners was FTT FTT/USD, the token of the Sam Bankman-Fried-founded crypto exchange whose spectacular collapse in November sent its price tumbling, but saw a monumental 40% increase in the past 24 hours. 

At the time of writing, FTT was trading at $1.30, still down 96% over the past year.

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Over $245 million in short positions were liquidated in the last 24 hours, according to Coinglass data. This significant move caught many traders off-guard and means that some betting on a price fall took a big hit.

The sentiment among crypto investors improved on Monday as BTC kept above the key $17,000 level.

Serum SRM/USD, the native token of the Solana SOL/USD based decentralized exchange rendered defunct following the collapse of Alameda Research and FTX, surged 12%.

Price Action: BTC was trading at $17,191, down 0.17% in the last 24 hours, according to Benzinga Pro.

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