FTX’s FTT Token Leads Market Gains With 55% Rally, What’s Driving It?
2023年11月24日 - 1:00AM
NEWSBTC
The utility token of the defunct crypto exchange FTX, FTT is one of
the top gainers in the last few days, rising 55% in just 48 hours
alone. This has led to speculations as to what may be driving the
token’s rally. One of them relates to a recent event in the crypto
industry. FTT Token’s Recent Rally Propelled By Binance News
In a post on its X (formerly Twitter) platform, the market
intelligence platform Santiment noted that the second rally for FTT
came after the Binance news. The world’s largest crypto exchange
and its former CEO Changpeng “CZ” Zhao had both pleaded to criminal
charges and agreed to a settlement of over $4 billion in fines.
Related Reading: Grayscale Files Updated Spot ETF As Bitcoin
Barrels Past $37,000 As to the correlation between both events,
Binance and FTX have always been closely knitted in several
regards. For one, CZ, in particular, has sometimes been credited
for being responsible for FTX’s collapse. Prior to the bank run on
FTX, the former executive had made a tweet about his company
liquidating their FTT holdings. As such, it is believed that
Binance, going through this difficult phase, comes off as bullish
for the FTT token because of the animosity that the FTX and Binance
ecosystem share. Interestingly, while FTT has continued to rally,
Binance’s BNB has suffered an inverse fate. BNB is down by over 6%
in the last seven days, according to data from CoinMarketCap.
Sam Bankman-Fried’s Conviction Also Contributed It is worth
mentioning that the FTT rally didn’t just kickstart on the back of
the Binance news. FTT’s market value is reported to be about 255%
up against Bitcoin in the past 3 weeks. This resurgence began just
after the 10 largest wallets began accumulating, with $12.8 million
worth of FTT bought by these whales since November 3.
Interestingly, November 3 happens to be a day after FTX’s former
CEO Sam Bankman-Fried (SBF), was convicted. The FTX founder was
convicted of all seven charges leveled against him. Going by this,
it would seem that his conviction was conceived as bullish for
these whales who decided to double down on their FTT
holdings. Related Reading: Cardano Forecast: Crypto Analyst
Identifies The Event That Could Send ADA Price To $11 Another
factor that might also be contributing to the token’s resurgence is
the talks about FTX making a comeback. The defunct crypto exchange
is reported to have suitors who are interested in rebooting it. The
Chair of the Securities and Exchange Commission (SEC), Gary
Gensler, had also noted that it was a possibility as far as the
rules and guidelines are abided by. At the time of writing, FTT is
currently trading at around $4.50, up over 21% in the last 24 hours
and up by over 336% in the past month, according to data from
CoinMarketCap. FTT tops list of gainers | Source: FTTUSDT on
Tradingview.com Featured image from IQ.Wiki, chart from
Tradingview.com
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