Skip to main content

Exchange Token FTT’s 200% Spike in 2 Weeks Defies Bankruptcy and Bankman-Fried’s Fraud Conviction Woes

Exchange Token FTT’s 200% Spike in 2 Weeks Defies Bankruptcy and Bankman-Fried’s Fraud Conviction Woes

FTT, the exchange token launched by the now defunct cryptocurrency trading platform FTX, has experienced a significant 200% surge in value over the past two weeks, surpassing the $3 per unit mark. Ranking as the fifth largest exchange coin in terms of market capitalization, FTT stands below prominent counterparts like BNB, LEO, OKB, and CRO.

FTT Records Colossal Gains Over the Past Fortnight

Originally developed by the now-convicted Sam Bankman-Fried and the insolvent FTX, the crypto asset FTT has defied the odds. Despite the backdrop of Bankman-Fried’s fraud conviction and FTX’s ongoing Chapter 11 bankruptcy proceedings, FTT has shown a significant uptick in market performance, making notable strides within the last two weeks.

Despite a 6.3% decline in the past week, FTT has shown a notable 200.2% increase against the U.S. dollar over the last fourteen days. Currently, FTT boasts a 24-hour global trade volume of $230.85 million, placing it in the 21st position for daily spot trading volume. As of Sunday, November 19, 2023, FTT’s leading trading pairs include USDT, USD, ETH, USDD, and USDC.

Exchange Token FTT’s 200% Spike in 2 Weeks Defies Bankruptcy and Bankman-Fried’s Fraud Conviction Woes

A significant portion of FTT’s supply is in the hands of the FTX estate and centralized exchanges. While there are 29,221 FTT holders, the top 100 control a staggering 98.83% of the total supply. This might leave many puzzled as to why a token, developed by a convicted fraudster and a bankrupt exchange, is performing remarkably well. The answer lies in the widespread belief that FTX could be revived under new management.

Many speculate that a potential FTX 2.0 would reintroduce FTT, assigning it new utility or broader possibilities. Investors are gambling on acquiring FTT at rock-bottom prices, betting on a win if FTX 2.0 incorporates the exchange token.

However, this is speculative, as the future of FTT remains very uncertain, and there’s a chance that a new FTX team may choose not to utilize the token for various reasons. Despite these uncertainties and risks, speculative theories continue to fuel FTT’s momentum, propelling its value based on potential long-term outcomes.

What do you think about FTT’s climb over the past two weeks? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/NI2ckRf
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more