FTT - Why Cosmos Tezos and FTX tokens Are Experiencing Sharp Sell-offs Today
Any asset remotely related to decentralized finance is not having a good day Monday. Cosmos (CRYPTO: ATOM) , Tezos (CRYPTO: XTZ) , and FTX (CRYPTO: FTT) are down 17.12%, 22.26%, and 11.02%, respectively, in the past 24 hours as of 2:54 p.m. EDT. They are now trading at $36.13, $5.32, and $54.50. As with life in general, good news tends to come out slow and steady, while bad news tends to fly out suddenly and in droves.
First, chairman Gary Gensler of the U.S. Securities and Exchange Commission said on Sept. 14 that many DeFi tokens were trading as securities, thus requiring regulation. Then, there was the announcement on Sept. 18 that the Commodity Futures Trading Commission was probing Binance, the largest cryptocurrency exchange in the world, over allegations of insider trading. Then, on Sept. 20, Christine Lagarde, president of the European Central Bank, criticized altcoins as being highly speculative and suspicious. If that wasn't enough, on the same day, the SEC threatened to sue Coinbase Global , the second-largest cryptocurrency exchange in the world, if it went ahead with plans to introduce cryptocurrency lending.
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Why Cosmos, Tezos, and FTX tokens Are Experiencing Sharp Sell-offs Today