⇗ FTT Coin: What You Need To Know
Cryptocurrency FTT coin , the native token of the FTX cryptocurrency exchange, has been in the spotlight recently due to significant price...
The FTX Token (FTT) experienced a volatile ride, with its price soaring drastically following the announcement of a bankruptcy repayment plan and exchange reorganization by the cryptocurrency company FTX. The token price skyrocketed up to 93% and later dropped by 31% in 2 days, causing speculations of market crash.
Despite facing bankruptcy, the FTT's market cap of $535 million highlighted the peculiarity of the cryptocurrency market. Court approval for FTT's reimbursement plan and rumors of a $16 billion payout saw prices increase further.
However, the company's liquidity concerns and decision to abandon plans to restart the defunct exchange led to a 35% dip in FTT price. Meanwhile, the restructuring officers dissolved hopes of FTT token holders being prioritized in the bankruptcy plans.
Risky decisions, like FTX filing a lawsuit against Binance and its former CEO, CZ, and issuing a new FTT token with broken tokenomics scheme, did not slow the token's price growth. The token's surges were seen as a sign of investors' enduring belief in FTT and CEL, despite their backing by bankrupt businesses.
The US Securities and Exchange Commission reportedly labeled FTT a security. As the embattled FTT token saw mysterious pumps, rumors circulated of 'crypto winter' approaching.
FTX's prospects largely rest on Solana, Serum, FTT tokens leading the rally, despite the bankruptcy, and a $16 billion payout to creditors could further influence the token's price.
FTT Coin News Analytics from Tue, 23 Jul 2019 18:56:23 GMT to Wed, 22 Jan 2025 06:09:37 GMT - Rating 3 - Innovation -2 - Information 7 - Rumor -1