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Information about FTX Token (FTT)
FTX is a decentralized exchange that offers financial products and derivatives trading. FTX is built and developed by Alameda Research, one of the leading market makers in the crypto world. FTX exchange was born as a solution to address the problems that futures exchanges are currently facing such as overloading system, lacking liquidity, and poor asset portfolio. In addition, FTX is also more prominent than other derivatives exchanges in several points such as: no fee for depositing and withdrawing, wide variety of assets, low transaction fees and no security vulnerability.
FTT is the utility token of the FTX exchange, used to promote the development of the platform and serve as collateral for future positions. In addition, users who hold FTT tokens and meet a number of other requirements will get discounts on trading fees and some additional benefits.
News
Approximately 392,000 creditors of FTX have not started their KYC verification process, risking 2.5 billion USD in repayments. The deadline for verification has been extended to June 1, 2025, allowing a final opportunity to validate claims.
The next repayment round is scheduled for May 30, 2025, with over 11 billion USD expected in claims. The recovery plan anticipates that 98% of creditors will receive at least 118% of their initial claims.
FTT’s trading volume surged by 346.74% amidst the FTX bankruptcy repayment plan. Currently trading at 2.19 USD, FTT has shown resistance above 1.9 USD, indicating potential upward movement toward 2.5 USD if current levels are maintained.
Major investors dominate 97% of FTT holdings, with concerns about the asset’s utility. Current indicators show balanced strength between buyers and sellers, with the price potentially targeting 3 USD as retail trading activity picks up in the speculative environment.
In the last 24 hours, FTX Token (FTT) has emerged as a standout performer, increasing by 7% while the wider market faces a 53 billion USD decline. Notably, spot inflows surged to 205,000 USD, reversing previous outflow trends, indicating a significant shift in market sentiment towards FTT.
The increase in open interest for FTT by 10% illustrates robust market confidence and participation. Analysts anticipate that if the momentum persists, FTT might test the resistance at 2.27 USD, with a chance to advance to 2.57 USD, despite downside risks existing below 1.94 USD.
FTX Token (FTT) price has increased in anticipation of creditor payments set for February 18 in the Bahamas. However, technical indicators show mixed signals, with ADX indicating that trend strength remains weak, suggesting that further confirmation of upward momentum is needed.
The Relative Strength Index (RSI) for FTT is now at 59.2, pointing to strong buying activity. The key resistance level stands at 2.44 USD, and if breached, FTT could aim for 3 USD, depending on market conditions. Enhancements in bullish pressure may facilitate this movement.
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