FTX Token Drops 10% as Former Executive Begins Prison Term

• The FTX token recorded a 10.18% drop in price in the last 24 hours.
• Former FTX executive Ryan Salame began his prison term on October 7.

Satoshi Nakamoto’s identity and the HBO documentary are the day’s talks for the crypto community. The HBO documentary has attempted to uncover the true identity of the creator of Bitcoin. Meanwhile, Ryan Salame, the former FTX executive’s 7-and-a-half-year prison sentence began in the past day. 

In reflection, the FTX token has shown significant drops in the last 24 hours. The token recorded a 10.18% drop despite a brief attempt at recovery. At the beginning of the day, FTT traded at $2.48, however in the progressive hours, bearish candles took over. At the time of writing, FTT was trading at $2.24 as per CMC data. 

Moreover, in the past month, the altcoin has shown intriguing price activities fueled by the exchange’s anticipations around repayments and reorganization plans. On inferring its weekly price charts, FTT shows a 3.95% price increase. This results from the past few days of surge in prices. Notably, on October 7, the token hit a 269-day high of $3.43. 

Additionally, the token’s RSI stands at 59.04 indicating neutral market sentiments. However, the FTX token briefly visited the overbought situation in the past few days as per TradingView data. Meanwhile, as aforementioned, FTT has shown high volatility as indicated by the RVI standing at 50.53. 

What Does FTX Executive Ryan Salame’s Imprisonment Entail? 

The former executive of FTX exchange, Ryan Salame pleaded guilty to making millions of dollars from unlawful campaign donations. The executive received a prison sentence of seven and a half years in May. His prison sentence began on October 7, for which Salame has expressed surprising enthusiasm. According to sources, the former executive believes that the imprisonment would be an ‘exciting’ experience. 

Meanwhile, the FTX exchange recently received approval from a US bankruptcy judge for its reorganization plan. Previously, in August the exchange also got its $12.7 billion repayment plan approved by the US court. 

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