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FTT is a token that has been rendered useless after the bankruptcy of the exchange.
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At the time of this publication, FTT leads the Cryptocurrency‘s weekly rise.
The price of cryptocurrency exchange FTX’s FTT token saw a 94% increase in a single day, rising from $1.39 to $2.70.
This phenomenon is attributed to speculation and rumors about a possible refund to the creditors of the failed company.
FTX, which was one of the largest Bitcoin (BTC) and cryptocurrency exchanges before its collapse in 2022, left many investors in a precarious situation. The main founders of FTX are currently imprisoned in the United States, as reported by CriptoNoticias, which has left the cryptocurrency community waiting for some type of resolution.
Rumors of a $16 billion refund spread quickly across social media, generating a bullish euphoria among investors. The expectation was that these refunds would begin on October 1, which could inject a large amount of liquidity into the market. However, these rumors turned out to be false.
Despite reaching USD 2.70, the price of FTT subsequently corrected, trading at USD 2.08 at the close of this report. The correction came after the denial by Sunil Kavuri, representative of FTX’s largest group of creditors.
Rumors of a $16 billion refund spread quickly on social media. Source: CoinMarketCap.
In one publishing on platformSunil Kavuri clarified that there would be no immediate refunds because the repayment plan still needs court approvalwith a hearing scheduled for October 7, 2024.
The market reacted quickly to these events. Speculation and fear of missing out on potential gains drove many investors to buy FTT, evidencing an anxiety to capitalize on any increase in the price of the token, which has been left without practical use after the bankruptcy of FTX.
This movement in the price of FTT reflects the volatility and sensitivity of the currency market. cryptocurrencies to the news, especially those related to platforms as influential as FTX. Although rumors of immediate refunds were debunked, this underlines the expectation and hope in the cryptocurrency ecosystem that there may be short-term resolutions for creditors affected by the collapse of large entities like FTX.
This article was created using artificial intelligence and edited by a human Editor.
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