FTX Token Surges 71% in a Week Amid Bankruptcy Distribution Rumors

October 1, 2024 William Ross Business, Cryptocurrency News, Finance, Stock Market 0

FTX Token Surges 71% in a Week Amid Bankruptcy Distribution Rumors

The crypto market gained as FTX Token (FTT) witnessed a big surge over the past week, rising by an impressive 71%. This bullish trend has caught the attention of investors and market analysts alike, as FTT reached multimonth highs, briefly touching $2.70 on September 29.

The rally in FTX Token’s price comes amid speculation and rumors surrounding the bankruptcy distributions of the now-defunct crypto exchange, FTX.

Social media buzz suggested that the FTX bankruptcy estate might begin distributing reimbursement funds to creditors and customers by the end of September. Although the official Chapter 11 filing has yet to be approved, a court hearing is scheduled for October 7 to finalize the Plan.

FTX Token, trading around $1.40 for the past month, saw a sharp spike in daily returns on September 29, marking a significant recovery from its previous lows. The token’s price surge has been attributed to anticipating potential payouts to creditors, which has fueled investor optimism.

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Despite the recent gains, FTX Token’s journey has been tumultuous. Following the collapse of FTX in November 2022, the token plummeted from around $25 to below $2, where it has traded largely since, reported CoinTelegraph. The massive sell-off was exacerbated by major crypto exchange Binance dumping its entire holdings of FTT for risk management purposes.

As of now, FTX Token has a market cap of approximately $330 million, with around 30,600 holders.

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William Ross
About William Ross 290 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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