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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

FTX’s FTT Price Skyrockets 20%: Here’s Why the Rally Has Just Begun

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
FTT Price FTX FTXUSDT FTT

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Created by industry experts and meticulously reviewed
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The FTT price has been challenging gravity and the overall trend in the crypto market for the past two weeks. A recent report hints at a potential bullish continuation based on this scenario and to the benefit of the FTX creditors.

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FTT Up By 21% Despite FTX Claims Portal Troubles

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As of this writing, the FTT price trades at $1.20, with sideways movement in the last 24 hours. The token recorded a 19% profit in the previous two weeks, while the last 30 days show a 15% increase. In the meantime, major cryptocurrencies have seen half of this price action over the same period.

FTT FTTUSDT FTX FTT Price
FTT’s price is trending sideways on the 1-hour chart. Source: FTTUSDT on Tradingview

FTT Price On The Verge Of Massive Rally?

The surge in the FTT price is supported by the current negotiations between Artificial Intelligence (AI) company Anthropic and the big tech sector. As our sister website Bitcoinist reported, the company received a $1.5 billion capital injection from Amazon.

The big tech giant committed to increasing their investment by up to $4 billion via Amazon Web Services (AWS). The partners will work to develop AI solutions to compete with Google, Microsoft, Nvidia, and others.

The AI company received support from failed crypto exchange FTX before its collapse in 2022. In that sense, if Anthropic can secure support from other big tech companies, the initial investment made by FTX will increase, allowing the new management to count on more assets and potentially repay creditors.

A recent report from the Information claims that Anthropic is exploring further partnerships following its Amazon deal. The OpenAI competitor could receive support from Google. The big tech giant already bought a 10% stake in the startup at the same time as FTX.

If this deal materializes, the company could increase its valuation from $4 billion to over $20 to $30 billion. Thus, FTX’s initial investment will increase by a significant amount.

The negotiations between Anthropic and its potential partners have directly impacted the FTT price. The current manager has publicly emphasized his intention to re-launch the trading venue to repay its creditors.

A successful sale of their stake in Anthropic could benefit FTX’s current management and give them enough capital to succeed. If this scenario materializes, the company’s native token is bound to extend its recent run and could potentially reclaim previously lost territory.

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FTX

FTT Token Surges 17% After FTX Confirms Rumors Of Relaunch

1 year ago

The FTT price reached an all-time high above $60, meaning it has much room to grow if the company relaunches. Any news related to Anthropic or an FTX’s relaunch will positively affect the token.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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