The global investment market has been experiencing a lot of downfalls just because of the Ukrainian war. Russia is not looking forward to ending this war before they take over the whole of Ukraine, but it has been impacting the global stock and investment market. Under pressure on cryptocurrency space recently, many cryptocurrencies have lost their value. More importantly, the holders of the FTM coin were experiencing a lot of downfall in their investment. It is because the shock was more significant than ever on Monday. When it comes to FTM prices on the weekend, it stood at 1.68 United States dollars at 2 PM as per bitiq. On Sunday, the prices decreased further to 1.4 to United States dollars, a significant decrease. However, the file did not stop there, but Monday morning, the prices were even lower. The coin stands somewhere around 1.33 United States dollars and is further expected to go lower.
Why is it Happening?
A group of developers founded this cryptocurrency company. However, two of the most prominent developers of this company decided to leave on Saturday. They announced through a social media handle, Twitter, and they said that both of them would leave the company altogether. However, they are planning to leave this company, but they are also taking themselves entirely away from the decentralized finance altogether. The company has given them a lot of experience and benefits, but now, they no longer feel like working with the company. They also have a lot of appreciation for the decentralized financial system, but it is certainly not made for them. According to these reports, it is also said that the FTM Company will experience a shut down of several applications as well.
The Reason to Leave
Everyone who has invested in the FTM coin is curious to know about what is the reason why this is happening. The developers leaving the company have made it completely clear that it is not because of any internal conflict. The company provides good quality services, and the functions will keep running just the same way. Also, the coin's value will not be going lower because they leave the company, but there could be a particular moment in the market. He made it completely clear that it is not an internal conflict, but they both have been planning to leave the company for an extended period now. Because of their reasons, they were not willing to show it to the public.
Words from the FTM Foundation
The foundation of the company earlier arranged a press conference. This is because the prices of FTM have suffered because of two developers leaving the company, but the foundation is not going to leave its operations. They also added that the foundation was always more than a one-person operation, and therefore, nothing is going to suffer because of the two people leaving the company. They made it utterly sure that the company would continue without these two developers, but still, the market does not seem to follow. Looking at the price fluctuations in the crypto market, the company foundation said that the market had lost its confidence in the company, but that is not the right thing to do. They also mentioned that more than 40 other developers are working for the company, ensuring that no malfunctioning happens with its operations.
However, it is entirely evident that the news and releases from the developer have had an incredible impact on the prices of its coins. As a result of the official statement given by the company's developers, the prices of FTM decreased significantly. It is a clear sign that news has a high effect in different market spheres. Therefore, it cannot be entirely sure how long will be a downfall in FTM prices.
In the past 24 hours, the company and its going have been experiencing much quality in the cryptocurrency space. However, even if the company's foundation claims that the platform will not face any problems in its operation by the departure of these two developers, then you have a lot of impacts. After listening to the news, people started to sell off their holdings in the FTM coin, leading to the downfall in FTM prices. Also, the pressure is expected to continue for a short period.