FTT Token On a 8% Rockslide Despite FTX Ray Of Hope. Here’s Why
April 20 2023 - 4:00PM
NEWSBTC
FTT Token, the native coin of the failed crypto exchange FTX, is
experiencing a slide in today’s trading session. While it started
the trading day negatively, it showed no recovery and further
declined in price, recording up to an 8% loss and finding a spot in
the top 3 losers in the sector. Despite its previous week’s rally
stemming from news of a potential FTX reopening, FTT has shown
investors the other side of the palm by reversing its gains.
However, the negative drop in FTT is not peculiar to it alone, as
other cryptocurrencies have taken falls and show bearish price
action. Related Reading: Bitcoin Bears Steal 3%, Time To DCA? Why
Is FTT Token Crashing? The drop in the prices of cryptocurrencies,
including FTT, could be attributed to Bitcoin’s negative price
action. The largest cryptocurrency by market cap was declining in
dominance, but a surge in selling pressure reverted this trend and
dragged the rest of the market with it. Yesterday’s trade
session saw a drop in Bitcoin price as it failed to hold
the key support level at $29,200. This resulted in a free fall of
Bitcoin, looking to identify the next support area to hold up.
Bitcoin finally found some support at $28,600, although some
Altcoins had already suffered the tolling effects from the drop.
The Bitcoin fear and greed index had also shifted to a neutral
number of 52, indicating a possible sideways movement in the
markets. According to Coinmarketcap data, the FTT token trades at
$1.9 from its 24-hour highs of $2.0751. While the news of FTX
reopening could boost the FTT token price, it is far from
conclusive and definite. FTT intraday price retracement | Source:
FTTUSD on TradingView Related Reading: ICP Bulls On A 10-Day Joy
Ride, When Does It Stop? Updates On FTX Potential Exchange
Reopening As seen from a Bloomberg report, Tribe Capital, a
venture capital company, has shown some interest in reviving the
collapsed FTX exchange, which went bankrupt in November 2022.
According to the report, Tribe Capital, an FTX investor before the
disastrous collapse, is considering a fresh volume of capital
injection to kickstart the processes and bring the company back
from its bankruptcy process. While in the works of injecting $100
million of its venture-owned capital and limited partners, Tribe
Capital is also considering piloting a $150 million fund-raising
campaign to scale the process of reviving the exchange. Arjun
Sethi, the co-founder of Tribe Capital, also met with FTX, the
unsecured creditor’s committee, to discuss an informal proposal to
revive the FTX exchange, according to the report. In a recent
development, the FTX committee of unsecured creditors posted on
their official Twitter handle that the entity is working with
debtors to evaluate all options to reboot or sell the FTX exchange
and create value for creditors. FTT Token continues to be on the
traders’ watchlist as FTX developments unfold. Featured Image from
Istock, Chart from TradingView.com.
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