Once again, the volatility of the cryptocurrencies market has shown a sharp drop. In the last 24 hours, prices have significantly dropped. Bitcoin price is under $ 18K, Ethereum experienced a 20% decrease and Solana is down by 35%, which is huge loss for its investors. However, this is not the worse part of the story. FTX token (FTT) is the cryptocurrency which suffered the most during the last 24 hours, it decreased by 75%. It’s also the main raison why the crypto market is living a nightmare.

As part of their risk management decisions, Binance started selling all the FTT they own. This has led fear index to increase among investors, and as a result, a massive sell surge began. Binance explained that its decision was taken is to ensure that the platform won’t experience the same issue it did with LUNA (TERRA) earlier.

FTX Exchange platform is living a liquidity crisis. A few days ago, Binance suggested to help FTX face its crisis but decided to back up after that. Investors are fearing that FTX  is on the same path as Celsius, which is a crypto lending service that went bankrupt last July. Some experts predict that FTX Token is safer and this drop won’t be fatal.

As time passes, the crisis gets worse. FTX caused a memorable decline in the market, it’s rare to experience such a crisis even with the current market volatility levels.

So, is the market going to recover soon or will the scenario continue for the next few months?