FTX Token (FTT) Triggers Short Squeeze With 40% Surge – Bitcoin (BTC/USD), Ethereum (ETH/USD), FTX Toke – Benzinga

After weeks of stagnation, the crypto market revived on Monday as smaller market cap coins outperformed larger ones like Bitcoin BTC/USD and Ethereum ETH/USD. What Happened: Among the biggest gainers was FTT FTT/USD, the token of the crypto exchange founded by Sam Bankman-Fried, whose spectacular collapse in November sent the price plummeting but a monumental 40% surge in the past 24 hours recorded. At the time of writing, FTT was trading at $1.30, still down 96% from last year. See Also: Best Crypto Day Trading Strategies According to Coinglass data, over $245 million worth of short positions have been liquidated in the last 24 hours. This significant move caught many traders by surprise and meant that some price drop bets took a big hit. Sentiment among crypto investors improved on Monday as BTC remained above the key $17,000 level The Solana SOL/USD-based decentralized exchange was unwound after the collapse of Alameda Research and FTX, up 12%. Price Action: BTC traded at $17,191, down 0.17% over the past 24 hours, according to Benzinga Pro. Read Next: Bitcoin, Ethereum, Dogecoin Rise: Analyst Says This ‘ETH Killer’ Still Stands A Chance If It Can Survive The ‘Dark Period’

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