Investing.com - Financial Markets Worldwide
🤔 This week: TSLA Q3 earnings report - is now the right time to buy the EV giant?Explore TSLA Data

FTT Pumped by Rumors of Revival, But Path to Recovery Remains Uncertain

Published 01/15/2024, 10:29 PM
Updated 01/15/2024, 10:45 PM
FTT Pumped by Rumors of Revival, But Path to Recovery Remains Uncertain
FTM/USD
-

  • FTT’s 5.81% price surge was driven by former FTX customers’ plea for fair cryptocurrency deposit valuation.

  • Uncertainty looms for FTT’s future as FTX’s revival plans remain unclear amid legal complexities.

  • Technical analysis suggests a potential bullish trend for FTT/USD, making it an attractive option for traders.

Amidst a backdrop of legal and financial turmoil, FTT, the native token of the defunct FTX cryptocurrency exchange, has witnessed a remarkable resurgence. Consequently, the token’s price soared by over 5.81% in the last 24 hours, per CoinMarketCap data. This rally pushed its price to $3.14, significantly boosting its market capitalization to $1.03 billion. Furthermore, trading volumes have surged, recording a 37% increase to $52 million.

FTT/USD 24-hour price chart (source: CoinStats)

Customer Clients’ Plea Fuels FTT’s Rise

As reported by Coinedition, the recent outcry from former FTX customers catalyzes this unexpected surge. These clients have petitioned a U.S. bankruptcy judge to reject FTX’s proposal to value their cryptocurrency deposits based on November 2022 prices. This move by FTX, they argue, deprives them of the benefits stemming fr…

The post FTT Pumped by Rumors of Revival, But Path to Recovery Remains Uncertain appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.