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FTX Token (FFT) And APTOS (APT) | This Is What Crypto Analysts Think About Them

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FTX Token (FFT) And APTOS (APT) | This Is What Crypto Analysts Think About Them

As the crypto market enjoys a breather this morning, most coins have stabilized from the sharp declines they have been experiencing in the last few days. FTX Token and APTOS (APT) are some of the coins in the green this morning despite the massive selloff they have registered in the last few days.

FTX Token (FFT) has been crashing this week and has lost 89% of its value over the last 7 days. On the other hand, APTOS (APT) is a newly launched coin and has also been declining this November. However, crypto experts are cautioning investors about these coins.

According to crypto analysts, FTX Token and APTOS (APT) will remain bearish in the next few days as long as the market outlook is bearish. They will be competing with Bitgert (BRISE), Centcex (CENX), and other mooning coins, which will make it difficult for them to attract investors. Here are more facts about these coins:

 

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FTX Token (FFT)

The FTX Token crash might have stabilized with the current breather, but the coin still looks bearish. There is so much sensitivity around this coin, and a simple move can make FFT go either way. The coin was green as of this writing, having increased 12% in the past 24 hours.

This is an indication that some whales might be coming back. However, FTX Token is still super volatile, and a slight plunge can trigger a massive selloff. Therefore, $FFT remains one of the most sensitive coins this week.

 

APTOS (APT)

This is a coin that got launched in the third week of October and has not been doing well in the market. The coin just made a small pump in the first week of the launch and has ever since been plummeting. The price fell from $10.26 to $3.6.

However, APT has recovered 16% in the past 24 of this writing to reach $4.84. But for the APTOS (APT) to do well in the market, crypto analysts say that it must beat Bitgert (BRISE) and Centcex (CENX) competition.

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Bitgert (BRISE) and Centcex (CENX) Remains A Big Threat

A good number of FTX holders joined Bitgert (BRISE) and Centcex (CENX) when this coin started crashing. The number is still growing. The Bitgert and Centcex teams are also building superior crypto projects than APTOS (APT). Crypto analysts also rank CENX and BRISE as the most promising coins this year.

Therefore, $FFT and $APT biggest threats are Bitgert (BRISE) and Centcex (CENX). They will need to beat these coins’ competition to remain relevant.

The post FTX Token (FFT) and APTOS (APT) | This Is What Crypto Analysts Think About Them appeared first on Analytics Insight.

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The full story of how FTX’s weak internal controls contributed to its collapse

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The full story of how FTX’s weak internal controls contributed to its collapse

  • FTX had poor financial reporting processes in place
  • Poor corporate culture undermined quality of work relations
  • A compromised system exposed shareholders and users to elevated risks 

Laxity in corporate internal controls may have exacerbated FTX’s collapse, according to new CEO John J. Ray III. He pointed out that in his 40 years of legal and restructuring experience, there are four common factors that escalate a bankruptcy crisis.

These are deficiencies in internal controls, regulatory compliance, human resources and system integrity. FTX’s situation is no different. If anything, the case of the troubled exchange could be worse.  

According to the initial petition filed on 17 November, John Ray identified three key internal control deficiencies that got FTX into this mess. 

Financial reporting 

First of all, FTX had poor and distorted financial reporting. By comparison, FTX US and its U.S. affiliates were audited by Armanino LLP, a firm John Ray admitted to knowing well.

FTX International and its affiliated companies, however, were apparently audited by Prager Metis. Ray claimed that he had no recollection of this firm from a professional perspective. Interestingly, the audited financial statements of Alameda Research are not fully discoverable yet.

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Therefore, the published financial reports cannot be trusted as the process may have been subverted by Sam Bankman-Fried (SBF).  

In addition, there were no disbursement controls for FTX’s funds. There were also no supporting documents for the alleged loans from FTX funds that were purportedly used to purchase real estate in the Bahamas. Not to mention the $1 billion and $0.5 billion personal loans to SBF and Nishad Singh, FTX’s Director of Engineering, from Alameda Research. 

Worse, the loans were approved and disbursed through a “chat platform,” rather than a verifiable and auditable platform. 

Chaotic approach to human resources 

Ray also found that there were no records or defined responsibilities for most FTX employees and contractors. According to a New York Times report, some employees were living together and romantically involved.  

Such relationships could easily undermine labor relations and erode the overall corporate culture.  

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In addition, some  senior employees were unqualified and inexperienced. For example, Caroline Ellison, the CEO of Alameda Research, boasted that she needed only a basic knowledge of mathematics to become CEO of the company.

The integrity of the FTX system was compromised

Mr. Ray also confirmed that SBF and Mr. Wang were the only individuals who had access to the digital assets of FTX and its subsidiaries worldwide. The only exception for access to digital assets was LedgerX, an FTX subsidiary regulated by the Commodity Futures Trading Commission (CFTC). 

Unfortunately, the only way to access these assets was through an insecure group email account. Such a practice is unacceptable in management because the group email account was the root user for accessing the private keys of the digital assets held. As a result, the private keys and confidential FTX data could easily be compromised by cyber hacks.

Overall, these corporate control laxities have brought FTX to ruin. There is a reason why corporate governance takes precedence in any organizational system and subsequent alignment with shareholders’ interests. Take it away and things fall apart.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Analysis

Biggest Movers: FTT Fire Sale Sends Token Over 70% Lower, SOL Also Falls Significantly

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Biggest Movers: FTT Fire Sale Sends Token Over 70% Lower, SOL Also Falls Significantly

FTX Token plunged by over 70% in today’s session, as sentiment surrounding Binance’s potential buyout of FTX continued to raise market eyebrows. Following speculation that FTX could be insolvent, Binance’s Changpeng “CZ” Zhao moved to acquire the firm, pending due diligence. Solana is also significantly lower, due to FTX’s sister company Alameda currently holding large amounts of SOL.

FTX Token (FTT)

FTX Token (FTT) continued to sink on Wednesday, as the token lost over 70% of its value in today’s session.

Following yesterday’s high of $19.51, FTT/USD plunged to an intraday low of $3.15 earlier in the day.

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The move came as markets continued to digest Binance’s decision to agree to an acquisition of the firm, pending due diligence (DD).

FTT/USD – Daily Chart

Many believe that the DD could show the true significance of FTX’s balance sheet, which some expect could intensify the current sell-off.

As of writing, the 14-day relative strength index (RSI) is at 11.98, which is its weakest point on record, eclipsing yesterday’s record reading of 23.79.

Despite prices already in the depths of bearish territory, there could be more still to come, should 1) an acquisition not be completed, or 2) damning news be revealed about FTX.

Solana (SOL)

In addition to FTT, solana (SOL) was another notable loser on Wednesday, as the once top 10 cryptocurrency fell by nearly 40%.

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SOL/USD dropped to a low of $16.47 on Wednesday, less than 24 hours after residing at a peak of $31.06.

This decline in solana comes as traders believe that FTX’s sister company Alameda could move to sell its holdings of SOL, to obtain liquidity.

SOL/USD – Daily Chart

Looking at the chart, SOL is now down for a fourth straight day, with its RSI currently tracking at 26.95, close to a floor of 27.00.

In addition to this, the 10-day (red) moving average looks set for a downwards cross against its 25-day (blue) counterpart, which could trigger even more declines.

As of writing, SOL has marginally rebounded, as is currently trading at $18.70.

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Do you expect solana to fall below $10.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Maurice NORBERT / Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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FTX Token (FFT) Is Crashing, And APTOS (APT) Is Tumbling, But These Coins Have Remained Stable

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FTX Token (FFT) Is Crashing, And APTOS (APT) Is Tumbling, But These Coins Have Remained Stable

FTX Token (FFT) is getting it rough this week. The last few days have seen the token post one of the biggest price declines that crypto experts say will be a crash. In just 24 hours, by the end of Tuesday, FFT had plummeted 80%, which qualifies to be a crash.

During the same time, APTOS (APT) was plummeting, but Bitgert (BRISE) and Centcex (CENX) stood out as some of the most stable coins in the current bearish market. In fact, Bitgert and Centcex are posting an increase in the number of investors from big coins buying the coin.

 

Why FTX Token (FFT) Is Crashing

FTX token has been struggling with the liquidity crunch for the last 72 hours as the number of withdrawals skyrocketed. In about three days, more than $6B worth of FFT was withdrawn, and this is what has caused a cascading effect.

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The crash was triggered by a series of was triggered by Binance CEO news announcements on Twitter that the company would liquidate all its holdings on FTX. This news triggered massive selling pressure on the $FFT, where as of this writing, the coin had declined 76% in the last 24 hours.

However, the news about Binance buying FTX has somehow stabilized the coins, but it’s still super volatile.

 

Reasons Why APTOS Is Not Doing Well Today.

As of writing, APTOS (APT) had also declined by 25% in the past 24 hours. The new coin has been experiencing a downward trend since it launched on 19th October 2022. The crashing crypto market is definitely one of the reasons why APTOS (APT) is currently doing badly in the market today.

The decline is not unique to APTOS (APT) but what’s worrying is the huge percentage this coin has declined at. In fact, this is a sign that APTOS is not growing competitive as projected. The product that the APTOS (APT) team is trying to build is not attracting a lot of attention. That’s why it is plummeting.

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Bitgert and Centcex Price expectations

The Bitgert (BRISE) and Centcex (CENX) tokens’ performance has been good this week, and even today, they are some of the best-performing coins in the market. Though Bitgert (BRISE) has been super stable this morning, the Centcex (CENX) price is 3.5 % in the green as of writing for the past 24 hours.

This surge of the Centcex coin is due to its growing buying pressure. Bitgert (BRISE) is expected to do well today, and we might see it recover most of the declines posted yesterday. So Bitgert (BRISE) and Centcex (CENX) are some of the coins to watch today and this week.

The post FTX Token (FFT) Is Crashing, And APTOS (APT) is Tumbling, But These Coins Have Remained Stable appeared first on Analytics Insight.

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