Trapped FTT Price Eyes 50% Jump, Is Breakout Imminent?

Making it to headlines, the FTT price recovery rally is quickly gaining traction amongst the altcoins and eyes a new breakout rally. Despite being infamous in the market, the FTX token is sustaining a short-term uptrend in the price chart.

Timeline of Ftx-token

As the events at crypto exchange Binance unfold, FTX's native FTT token has witnessed a mega price rally gaining over 55% over the last 48 hours. At press, the FTT token is trading 30% up at a price of $4.63.

FTT, the exchange token launched by the now defunct cryptocurrency trading platform FTX, has experienced a significant 200% surge in value over the past two weeks, surpassing the $3 per unit mark. Ranking as the fifth largest exchange coin in terms of market capitalization, FTT stands below prominent counterparts like BNB, LEO, OKB, and CRO.

FTT, the native token of defunct cryptocurrency exchange FTX, has surged by 90% following comments from SEC chairman Gary Gensler in relation to a potential reboot of the exchange that collapsed one year ago.

The market has experienced a short squeeze in value as the industry has witnessed a jump of over 3% within the past day. Bitcoin has surpassed $36,000 for the first time this year.

The move comes ten months after Binance removed FTX's token from its platform, except for the FTT/BUSD trading pair. Cryptocurrency exchange Binance will re-open FTX's token FTT for trades on Sept.

A wallet held by bankrupt crypto exchange FTX shifted $10 million worth of digital assets from Solana SOL to Ethereum, raising concerns of potential token dumps during bankruptcy proceedings.

The bankrupt crypto exchange FTX has submitted a draft reorganization plan to the courts to pay back creditors. The draft plan, filed with a US bankruptcy court on Monday, calls for scrapping claims based on holdings of the disgraced company's native token, FTT.

Defunct crypto exchange FTX announced its plans for rebooting the platform and paying back its creditors; the FTT token reacted by a sudden 15% surge in price. The Restart of the FTX Offshore Exchange Will Depend on its Creditors On July 31, 2023, the bankrupt crypto exchange FTX Trading Ltd.

Administrators of the collapsed cryptocurrency exchange FTX, which was founded by alleged fraudster Sam Bankman-Fried, have outlined a proposed repayment plan for the estimated US$8bn at stake in the high-profile bankruptcy proceeding. One class of creditors that is unlikely to claw anything is the holders of FTX's FTT token.

Bankrupt crypto exchange FTX has submitted a proposal that may result in the relaunch of its international arm FTX.com. On August 1, the company's bankruptcy administrators confirmed rumors of a relaunch by filing a draft plan of reorganization in which it proposes the kick-off of a “rebooted” offshore exchange exclusive to non-US users only.