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FTT Token Price is Soaring Ahead of FTX Bankruptcy: Here’s Why
The FTX Token price has emerged as one of the top-performing cryptocurrencies in the crypto industry. FTT surged to a high of $2.7, the highest point since November. It has rallied by over 239% from its lowest level in 2022.
Why is FTT surging?
There are two main reasons why the FTT token has been in a strong bullish trend in the past few days. First, FTX has jumped as other cryptocurrencies rise. Bitcoin, the biggest cryptocurrency in the world, has surged above $21,000 for the first time in months. As a result, other coins, especially the smaller ones like FTX and Celo have all rebounded.
Historically, small altcoins tend to do much better when Bitcoin rises. This explains why FTT has jumped sharply in the past few days.
Second, FTX Token price has risen as hopes of a reboot of the company improved. Last week, FTX announced that it had found an additional $5 billion in liquid cash that it could use to pay its clients. The firm also has millions of dollars held by authorities in the Bahamas. Also, the firm could sell some of its key assets like FTX Japan, Ledger X, and FTX Europe.
Therefore, there is a likelihood that the company will be rebooted in the coming months. If this happens, we could see FTT token price continue rising.
Another reason for the rally is the recent American inflation data. Data published last week showed that the country’s consumer price index (CPI) dropped for the sixth straight month in December. There is a sign that inflation will continue falling this year.
FTX Token price forecast
Turning to the four-hour chart, the FTT token price has been in a strong bullish trend in the past few days. It has surged by more than 200% from the lowest point in November. Along the way, the token has jumped above all moving averages while the Relative Strength Index (RSI) and Stochastic moved above the overbought leve.
Therefore, I believe that FTX Token price will retreat in the coming days. If this happens, the next key support level to watch will be at $2.0.
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
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