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June 16, 2024
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FTT Price Skyrockets as Rounds of FTX Consider Relaunching-How Will This Affect the Crypto Space?

The post FTT Price Skyrockets as Rounds of FTX Consider Relaunching-How Will This Affect the Crypto Space? appeared first on Coinpedia Fintech News

The FTT price has doubled in no time as the FTX attorneys from Sullivan and Cromwell said in a court hearing that the exchange is considering reopening at some point in the future. Andy Dietderich, the lead attorney for FTX, told the court that reopening the exchange is one of the many other decisions that are still far from final. However, he specified that the customers may be offered a couple of options to join in.

“There are possibilities that customers could have the option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward,”

As the news of the company considering the functioning of the exchange circulated, the value of the native token, FTT, doubled as it underwent a 100% rally. 

Trading View

The FTT price quickly broke out of the descending triangle, before reaching the apex of consolidation, indicating the resurgence of a strong bullish trend. The price is, however, facing some hindrances in clearing one of the major resistance levels at $2.5 as the bearish cartel has strengthened its presence. Meanwhile, the RSI after the rising high is now trading slightly flat, but the ADX has just displayed a bullish divergence. 

Therefore, after a minor consolidation, a notable price rise may be expected. Besides, due to the recent upswing, three whales have profited heavily, with the portfolio of one of them surging by $500K, incurring profits of nearly 100%, 250%, and 60%, respectively. 

Alongside, FTX has reportedly recovered $7.3 billion in assets. Among them are $2 billion in cash, $4.3 billion in class A cryptos, $300 million in securities, and $600 million in accounts receivable from investments.

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