Aptos recovery may end abruptly due to the project’s ties to the infamous exchange
Aptos makes significant moves on the market during the recovery from the FTX disaster. The prominent cryptocurrency has gained over 20% to its value in the last 24 hours. However, investors worry about making a low IPO.
On the day FTX announced its insolvency, Aptos lost 36% of its value in one day. Given its volatility, such a performance should not be surprising given the state of the market that day. Nevertheless, the behavior of whales after the fact has shown that there is some support behind the token even on the darkest days.
The Nov. 10, Aptos experienced an increase in trading volume, with the majority of market participants yearning for the asset, causing the fourth largest increase in buying volume in the asset’s trading history, with 1.3 million tokens traded on the KuCoin exchange alone.
After a 20% recovery, APT reached the short-term resistance level reflected in the 21EMA indicator on the four-hour time frame. The indicator acts as a guideline for a short-term trend on the chart and will most likely become the basis for APT bears to try to push it further down.
Ahead of the weekend market, trading volume on Aptos is gradually decreasing, with the majority of traders preparing for Monday, when more institutional investors will reveal their losses and exposure linked to the FTX exchange.
Previously, FTX and Jump Crypto completed an investment round for the Aptos ecosystem, pushing its valuation to $1 billion by July 2022. This fact and the support of the project in the past led us to believe that FTX and Aptos were mutually exposed to each other, which may become a problem for APT investors for the foreseeable future.