FTT Token’s Recent Rally Propelled By Binance News
The recent rally of FTT, the utility token of the defunct crypto exchange FTX, has been attributed to news surrounding Binance. According to market intelligence platform Santiment, the second surge in FTT’s price came after Binance, the world’s largest crypto exchange, and its former CEO CZ reached a settlement on criminal charges, agreeing to pay over $4 billion in fines.
There has always been a close connection between Binance and FTX. CZ has been linked to FTX’s collapse, and his tweet about liquidating FTT holdings coincided with a bank run on FTX. As a result, the difficult phase for Binance is seen as bullish for the FTT token due to the animosity between the two ecosystems.
Sam Bankman-Fried’s Conviction Also Contributed
The rally of FTT was not solely driven by the Binance news. The token’s market value has increased by 255% against Bitcoin in the past three weeks. This resurgence began after the ten largest wallets started accumulating FTT, with $12.8 million worth bought since November 3.
Interestingly, November 3 was the day after Sam Bankman-Fried, the former CEO of FTX, was convicted on all seven charges against him. This conviction may have been perceived as bullish by whales who decided to increase their FTT holdings.
Additionally, talks about FTX making a comeback and potential suitors interested in rebooting the exchange could be contributing to the token’s resurgence.
Hot Take: The Rising Fortunes of FTT Token
The utility token of defunct crypto exchange FTX, FTT, has experienced a significant rally driven by multiple factors. The news of Binance’s settlement on criminal charges and its former CEO CZ’s connection to FTX’s collapse has fueled speculation that the difficult phase for Binance is benefiting FTT. Furthermore, Sam Bankman-Fried’s conviction and talks about FTX making a comeback have contributed to the token’s resurgence.
As of now, FTT is trading at around $4.50, with significant gains in the last 24 hours and over the past month. The future of FTT remains uncertain, but its recent rally highlights the potential impact of industry events and sentiment on cryptocurrency prices.
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