The FTT price spiked 60% in a single day, creating excitement in the crypto market. The significant increase has led to widespread speculation and interest, especially considering FTX’s ongoing bankruptcy proceedings. The price has since retraced and is up 42.5%.
There are rumours that the inactive crypto exchange FTX might soon distribute $1.6 billion worth of assets to its creditors. This has sparked the community’s interest, with many wondering if this signals the start of a new bull run for FTT or if it’s just a temporary increase.
The FTT price trading volume skyrocketed by an astonishing 3,734%, pushing its price to levels not seen since mid-March.
The talk of a potential $1.6 billion payout is still a rumor, with no official statement from FTX or court authorities. Any distribution will require approval, and the next court hearing on this matter is scheduled for October 7. Until then, it’s unclear whether the payout will go ahead or how it might impact FTT and its holders.
The surge in FTT’s value reflects the market’s excitement, but if the rumors turn out to be false or if court proceedings delay the distribution, FTT could experience a sharp correction. Traders are closely monitoring the October 7 court date for any updates on the situation.
FTT Price Analysis: Bullish Breakout Imminent
The FTT’s price action over the last few days has been impressive. The token formed a bullish pennant, a chart pattern signaling the potential for more upward movement. Analysts are eyeing a breakout with a 55% possibility, which could push FTT’s price significantly higher. According to data from Trading View, FTT price is on an uptrend, exhibiting a bullish signal.
What Next for FTT Price?
With FTX’s legal process still in flux and its large reserves potentially being redistributed, FTT’s future remains highly speculative. Investors and traders should remain cautious in the coming days, as any change in the legal proceedings could impact FTT’s price movement.
If the plan gets a green signal, creditors with claims below $50,000 may see distributions by the end of 2024. Those with more significant claims may have to wait until the first or second quarter of 2025, Kavuri said.
As the story unfolds, all eyes will be on FTX and its token, watching to see if these payout rumors materialize and what their impact is on the broader crypto market.
