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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.
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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.
FTX is set to start its repayment process on January 3, 2025, focusing first on claims of 50,000 USD and below. This crucial repayment phase is managed by Bitgo and Kraken and reflects the ongoing resolution of its financial crisis dating back two years.
CEO John J RAY III of FTX Debtors assured all stakeholders of timely distributions. He emphasized the importance of completing the necessary tax forms and credential verification. This preparation ensures efficient access to USD or stablecoin compensation for eligible creditors.
The anticipated distribution of 16 billion USD could rejuvenate the cryptocurrency market. It particularly holds potential for re-energizing altcoin trading. As the repayments progress, it may enhance market liquidity, bouncing back from FTX’s previous issues.
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