FTX Token Climbs As Binance CEO Resigns: 'Traders Are Swapping Their BNB For FTT'

FTX’s native token FTT FTT/USD surged by 16% in the last 24 hours. The rise comes after the revelation that Binance CEO Changpeng Zhao, also known as “CZ,” is stepping down as part of an agreement with the Department of Justice. 

What Happened: Binance’s native cryptocurrency BNB BNB/USD slumped by 13% on Tuesday, trading at $235. FTT was trading at $3.64 at the time of publishing.

Santiment, an analytical firm, said, "Although many see the Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that altcoins had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their BNB for FTX’s FTT.”

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Coinglass reported a liquidation of $3.73 million in long positions for BNB, and $1.61 million in short positions. Further data shows an increase in options volume for BNB, rising 68% to reach $2.41 million, and a boost in open interest for options by 29% to $3.47 million.

Zhao took to Twitter to address his decision to step down, stating, "Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself."

Price Action: At the time of writing, Bitcoin BTC/USD  was trading at $36,344.38, down 3.11% in the last 24 hours according to Benzinga Pro.

Photo by Iryna Budanova on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?