- FTT price climbed 25% in the past week, amidst hopes of FTX2.0 and the events that led to Binance’s settlement.
- FTX exchange’s native token started a second rally after news of Binance’s $4.3 billion settlement with the DoJ.
- FTT’s largest wallet addresses have accumulated $12.8 million in tokens since November 3.
FTT, the native token of FTX exchange, rallied to its local top of $5.54 on November 10, this is a level previously seen in 2022. The token’s price rally is driven by two likely catalysts, market participants’ hopes for FTX 2.0 launch and Binance’s $4.3 billion settlement with the Justice Department, reminiscent of the FTX bankruptcy saga.
Also read: If you like Bitcoin, buy Bitcoin: Jim Cramer admits to making profits from Bitcoin investments
FTT whales scoop up the token, alongside massive price surge
FTT price noted 25% weekly gains against the USD Tether (USDT) on Binance. FTX exchange’s liquidation of assets and transfer of funds, added to the rising activity in the crypto ecosystem. FTX and affiliate trading firm Alameda Research transferred a total of $474 million in assets to meet the financial obligations of the bankrupt exchange and pave the way for a new exchange, FTX2.0.
There are plans to revive FTX as FTX2.0 by Q2 2024. These plans are likely acting as a catalyst, driving FTT token’s price higher.
Based on data from crypto intelligence tracker, Santiment, FTT token observed a second rally. In the past 19 days, 10 of the largest FTT wallets scooped up $12.8 million worth of tokens. This implies holders have a bullish outlook and expect FTT price to climb higher.
FTT token accumulation by whales
Further, the news of Binance’s $4.3 billion settlement with the US Department of Justice resulted in capital outflow from BNB and fueled demand for FTT token. Santiment data captured the demand for FTT and its resulting price rise in the chart below.
BNB loses value, FTT price observes gains
At the time of writing, FTT price is $4.20. The token is likely to sustain its weekly gains and climb higher in response to the bullish developments.
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
SEC pumps breaks on altcoin ETFs, institutional interest remains
Altcoins begin their slow recovery amidst Bitcoin’s 5% rally on Friday. The US financial regulator delayed its decisions on spot altcoin Exchange Traded Fund (ETF) applications, raising concerns among traders.
Will Ripple (XRP) reach a $200 billion valuation if SEC approves altcoin ETFs in 2025?
XRP price rebounded above $2.42 on Friday, marking a 28% recovery from the weekly timeframe low of $1.90. The rally was fueled by the U.S. Securities and Exchange Commission’s (SEC) kicking off settlement talks with Ripple, and speculations the Blackrock could launch altcoin derivatives products.
Solana gains 9% after garnering historic number of on-chain votes in failed SIMD-228 proposal
Solana (SOL) is up 9% on Friday following the result of the recent Solana Improvement Document (SIMD) 0228 governance vote, which failed to meet the required 66.67% approval threshold of participatory votes.
Top Formula 1 crypto sponsors rally, racing fans gain from Binance Coin, OKB, ApeCoin and Crypto.com
The 2025 Formula 1 season kicked off in Australia last week with a lineup of crypto sponsors for half of the teams. Racing giants are powered by sponsors like crypto exchanges Binance, OKX, ApeCoin, and Crypto.com, among other NFT and trading platforms. Binance Coin, OKX, ApeCoin, Crypto.com, and Alchemy Pay’s tokens rallied as crypto sponsors made their mark in the racing event.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.