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With the expectation of a bull run, most cryptocurrencies are currently trending upward. The FTT token from the bankrupt FTX exchange has also seen a remarkable rise due to this market movement. Despite FTX’s infamous bankruptcy caused by the misuse of user funds and other illegal practices, the price of FTT surged by 60% today, reaching $2.35.
Reasons Behind the Rise of FTX Token
Since the collapse of FTX, the value of its token has experienced significant fluctuations. Three years ago, FTT plummeted from $85.02 to $0.7763, but it has now rebounded to $2.35 with a 60% increase.
Rising Speculation on Social Media
Influential crypto figures like Crypto Rover have mentioned FTX’s plan to repay $16 billion to its creditors. This repayment strategy is believed to be boosting the price of FTX token.
Official Announcement Awaited
However, no official statements have been made by the exchange or legal authorities regarding this issue. There are also comments suggesting that the $16 billion repayment may only apply to smaller claims, with larger claims potentially being repaid by 2035.
Technical Analysis and Future Expectations
The rise in FTT’s price is not supported by technical indicators. The RSI value is at 82.2288, indicating an overbought condition, with prices fluctuating between $1.42 and $2.72. Crypto Faibik predicts that the price could reach up to $4.
Due to recent news and speculation, the FTT token may continue to show volatility in the short term. However, it is crucial for investors to await official announcements and the outcomes of legal processes.
This sudden surge in FTX token captures investor attention, yet caution is necessary due to market uncertainties. The ongoing speculation could lead to price fluctuations until official confirmations are received.
