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

FTX Token Jumps 65% As SBF Returns Home, Can FTT Hold The Gains?

Best Owie
Best Owie
2 years ago
3 mins read
FTX FTT Token

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FTX Token (FTT) saw massive gains on Thursday as news of former CEO Sam Bankman-Fried making bail spread across the space. The rapid uptick in the price of the token showed the positivity, albeit brief, that had spread across investors in the token. However, as the dust settles on the disgraced founder, the question now becomes whether the digital asset can hold the gains from yesterday.

FTT Jumps 65% 

On Thursday, Bankman-Fried’s parents had put their home up to raise money for the $250 million bond put on the former CEO, with friends and associates speculated to have helped come up with the 10% collateral required for his release. However this was achieved, Sam was released under house arrest.

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Soon after the news broke, the price of FTX’s native token FTT made a significant jump. After trending just below $1 for the better part of the week, the 65% push had brought it above $1.1. This brought renewed vigor to the market and momentum rightfully picked up.

FTX Token (FTT) price chart from TradingView.com

FTT price spikes following SBF making bail | Source: FTTUSD on TradingView.com

The problem now is that FTT has not done a good job of holding onto these gains. Naturally, the brief surge in price had triggered sell-offs among investors looking to take out some profit, triggering another fall below $1. In the early hours of Friday, there had been a 9% jump that brought FTT’s price above $1 once more, but even this would not hold.

Support remains weak at $1 and it is now a battle between the bears and the bulls to turn this critical level in their favor. Right now, the bears remain in control of the digital asset with the price sitting at $0.96, and FTT has struggled to break the resistance mounting at $1.

What About FTX?

For many in the space who lost money when the FTX crypto exchange collapsed, this is just the beginning of the battle. Charges have already been brought against Bankman-Fried and his associates in what is being called the ‘largest fraud of the generation’ but there is still a long way to go.

On Thursday, it was reported that Paul Hastings LLP had been appointed by a committee to represent the interests of creditors in the FTX bankruptcy case. So far, the new FTX CEO John J. Ray III said he and his team had been able to recover around $1 billion worth of assets.

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Former Alameda Research executive Caroline Ellison and FTX co-founder Gary Wang have already pled guilty to fraud charges and agreed to work with authorities. Both have been released on $250,000 bonds with travel restrictions.

As the FTX case develops, it is expectedly going to have a big impact on the price movements of FTT tokens. Given this, investors should exercise caution when investing and trading the cryptocurrency.

Featured image from Bitcoinist, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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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

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