FTX Token is Spiralling Toward $0 – Can This New Coin Steal All The Limelight?

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The price of FTX (FTT) has plummeted by 78% in the past 24 hours, as the struggling exchange halts withdrawals and looks set to be acquired by rival Binance. It's also down by 85% in a week, with its losses beginning after a leaked document revealed that most of FTX's assets were locked in illiquid altcoins such as its own FTT.

While the rapidly developing situation remains uncertain, the market appears to be acting on the fear that FTX.com is currently insolvent, a suspicion supported by Binance's move to acquire it. As such, there's every chance that FTT will fall to $0, or at least very close to $0.

However, while FTT holders still likely have further losses in store, there are certain new altcoins that hold out promise for decent returns in the near future. One of the most promising of these is Dash 2 Trade (D2T), an Ethereum-based trading intelligence platform that is currently holding its presale, and could be in store for a big return once it lists on exchanges.

There's not much to say about FTT that hasn't already been said, but needless to say, its chart makes for some grim bedtime reading. 

Normally, a relative strength index (purple) of 10 would be a signal that a coin is massively oversold, and should be a big rebound sooner or later. However, FTT currently finds itself in less-than normal circumstances, and its descent could possibly be part of an irreversible death spiral.

As of writing, the latest news is that FTX has halted withdrawals, with the prevailing interpretation of this being that it's insolvent. Such fears have understandably sent FTT even lower, and even