Tuesday, May 20, 2025
No Result
View All Result
Coins League
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
No Result
View All Result
Coins League
No Result
View All Result

FTX’s FTT Token Leads Market Gains With 55% Rally, What’s Driving It?

November 24, 2023
in Analysis
Reading Time: 3 mins read
0 0
A A
0
Home Analysis
Share on FacebookShare on TwitterShare on E Mail


The utility token of the defunct crypto alternate FTX, FTT is among the prime gainers in the previous couple of days, rising 55% in simply 48 hours alone. This has led to speculations as to what could also be driving the token’s rally. One among them pertains to a current occasion within the crypto trade. 

FTT Token’s Current Rally Propelled By Binance Information

In a submit on its X (previously Twitter) platform, the market intelligence platform Santiment famous that the second rally for FTT got here after the Binance information. The world’s largest crypto alternate and its former CEO Changpeng “CZ” Zhao had each pleaded to legal prices and agreed to a settlement of over $4 billion in fines.

As to the correlation between each occasions, Binance and FTX have at all times been carefully knitted in a number of regards. For one, CZ, particularly, has typically been credited for being liable for FTX’s collapse. Previous to the financial institution run on FTX, the previous govt had made a tweet about his firm liquidating their FTT holdings. 

As such, it’s believed that Binance, going by way of this troublesome part, comes off as bullish for the FTT token due to the animosity that the FTX and Binance ecosystem share. Apparently, whereas FTT has continued to rally, Binance’s BNB has suffered an inverse destiny. BNB is down by over 6% within the final seven days, in keeping with knowledge from CoinMarketCap. 

Sam Bankman-Fried’s Conviction Additionally Contributed

It’s price mentioning that the FTT rally didn’t simply kickstart on the again of the Binance information. FTT’s market worth is reported to be about 255% up in opposition to Bitcoin previously 3 weeks. This resurgence started simply after the ten largest wallets started accumulating, with $12.8 million price of FTT purchased by these whales since November 3.

Apparently, November 3 occurs to be a day after FTX’s former CEO Sam Bankman-Fried (SBF), was convicted. The FTX founder was convicted of all seven prices leveled in opposition to him. Going by this, it might appear that his conviction was conceived as bullish for these whales who determined to double down on their FTT holdings. 

One other issue that may even be contributing to the token’s resurgence is the talks about FTX making a comeback. The defunct crypto alternate is reported to have suitors who’re concerned with rebooting it. The Chair of the Securities and Trade Fee (SEC), Gary Gensler, had additionally famous that it was a risk so far as the foundations and tips are abided by.

On the time of writing, FTT is at the moment buying and selling at round $4.50, up over 21% within the final 24 hours and up by over 336% previously month, in keeping with knowledge from CoinMarketCap.

FTT tops listing of gainers | Supply: FTTUSDT on Tradingview.com

Featured picture from IQ.Wiki, chart from Tradingview.com



Source link

Tags: drivingFTTFTXsGainsleadsMarketrallytokenWhats
Previous Post

How Fnality and J.P. Morgan are Redefining Finance

Next Post

Bitcoin: The World's First Decentralized Organization

Related Posts

XRP to $1,000? Analyst forecast explained
Analysis

XRP to $1,000? Analyst forecast explained

May 20, 2025
XRP Price Confirms Bullish Reversal Setup With This Demand Zone
Analysis

XRP Price Confirms Bullish Reversal Setup With This Demand Zone

May 19, 2025
Dogecoin price prediction following the 11% drop in a week
Analysis

Dogecoin price prediction following the 11% drop in a week

May 20, 2025
Dogecoin (DOGE) Struggles to Sustain Gain as Meme Coin Mania Cools Off
Analysis

Dogecoin (DOGE) Struggles to Sustain Gain as Meme Coin Mania Cools Off

May 19, 2025
$40 Billion Worth Of XRP On The Move – Where Are They Headed?
Analysis

$40 Billion Worth Of XRP On The Move – Where Are They Headed?

May 18, 2025
Current Consolidation Won’t Stop XRP From Growing
Analysis

Current Consolidation Won’t Stop XRP From Growing

May 17, 2025
Next Post
Bitcoin: The World's First Decentralized Organization

Bitcoin: The World's First Decentralized Organization

How Bitcoin Is Redefining Investment Portfolios

How Bitcoin Is Redefining Investment Portfolios

Matr1x Scores Big with $10M Boost for Gaming and NFTs

Matr1x Scores Big with $10M Boost for Gaming and NFTs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Twitter Instagram LinkedIn RSS Telegram
Coins League

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Coins League

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In