FTX’s native token FTT FTT/USD surged by 16% in the last 24 hours. The rise comes after the revelation that Binance CEO Changpeng Zhao, also known as “CZ,” is stepping down as part of an agreement with the Department of Justice. 

What Happened: Binance’s native cryptocurrency BNB BNB/USD slumped by 13% on Tuesday, trading at $235. FTT was trading at $3.64 at the time of publishing.

Santiment, an analytical firm, said, “Although many see the Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that altcoins had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their BNB for FTX’s FTT.”

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