- FTX token price is up almost 20% alongside a 24-hour trading volume surge of around 430%.
- The rally comes despite the epic collapse of the network’s customer claims portal, which was only alive for an hour post-launch.
- The product collapsed due to site overload as FTX creditors, individual & institutional alike, sought to potentially recover their crypto.
FTT, the ticker for the FTX ecosystem, is posting commendable statistics on CoinMarketCap, considering the current lull in the crypto market. The token is attempting a recovery after a load-shedding exercise that began in late June, sending the altcoin down thirtyfold.
Also Read: Bitcoin price heedless as institutions that know markets better than anybody wager on BTC mining
FTT token defies network woes
FTT token remains bullish, rising almost 20% in the last 24 hours. The optimism has catapulted the cryptocurrency’s market cap by 16% as investors saw renewed hope on July 11. Based on a recent announcement by Sunil, the FTX ecosystem had finally unveiled the means through which customers that suffered exposure would be made whole again.
Customer Claims portal is live https://t.co/ymtbrvT3eF
— Sunil (FTX 2.0 Champion) (@sunil_trades) July 11, 2023
Select platform to proceed: https://t.co/vW9S9i3Cxy , https://t.co/gZZ85SJX7r, Blockfolio, FTX EU, FTX JP, Liquid pic.twitter.com/Crhe8lMNhp
Sunil, going by @sunil_trades on Twitter, is a confirmed FTX creditor activist touted as the champion for the ecosystem’s do-over, FTX2.0. His announcement was well received, provoking hype among community members as both individual and institutional users finally envisioned a recovery for financial losses made in November 2022 when crypto exchange FTX imploded following the unscrupulous management of Sam Bankman-Fried, who commingled customer funds trying to rescue his Alameda Research.
2/
— Axel Bitblaze (@Axel_bitblaze69) July 11, 2023
Wondering what happened to FTX?
Well, let me give you a quick recap. FTX, once a big crypto exchange, experienced a sudden collapse in late 2022.
The mastermind behind it all, @SBF_FTX, was caught using customer deposits to patch up the holes in Alameda Research pic.twitter.com/dpCClWKzap
Unfortunately, the celebration was short-lived after the portal collapsed barely an hour post-launch, with Sunil citing temporary network overload.
Down temporarily as overloaded
— Sunil (FTX 2.0 Champion) (@sunil_trades) July 11, 2023
As of press time, the portal remains inactive.
FTT camp remains optimistic
While the recovery bubble burst too soon for FTT community members, the hope remains alive, possibly because they cling to the promise of complete reimbursement before September 29, 2023. Nevertheless, it appears that the crash only affected FTX.com customers as FTX EU managed to recover their funds.
Very few people were registered if FTX EU and they have been able to withdraw funds already. You are likely to be with https://t.co/vW9S9i3Cxy . Try your password and you will be able to log in with the correct one
— Sunil (FTX 2.0 Champion) (@sunil_trades) July 11, 2023
Evidence of optimism is indicated in the asset’s trading volume, up 436% at the time of writing. An increase in trading volume suggests more FTT tokens continue exchanging hands. Considering the 16% increase in price over the same timeframe, buying pressure is increasing.
This suggests investors remain optimistic about the token despite the November disappointment. Santiment data corroborates this, with the number of active addresses over the past 24 hours recording a 151% increase.
If buyer momentum increases, the FTX token price could increase further to reclaim the late June highs of around $2.056. Such a move would denote a 30% increase.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) were above their midlines, suggesting bulls headed the FTT market.
FTT/USDT 1-Day Chart
Conversely, with the RSI flattening out and the AO histograms reducing in volume, bears could take advantage of the momentary lapse in buying activity to recover control. The onus is on FTT bulls to defend above the 100- and 50-day Exponential Moving Averages (EMA) support at $1.465 and $1.303 at all odds. A daily candlestick close below the 50-day EMA would invalidate the bullish thesis.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.