Token

FTX Token

<a href="https://bitcoinworld.co.in/ftx-token-skyrockets-over-40-as-binance-faces-legal-battle/" title="FTX Token Skyrockets Over 40% As Binance Faces Legal Battle" rel="noopener noreferrer nofollow"></a>
FTX Token (FTT) has posted impressive numbers over the past 30 days, increasing by 296.17% from its price of $1.05 on October 22.&nbsp;
In the past 24 hours, FTT, the native token of the disgraced FTX exchange, experienced a huge surge in value, amounting to 45%, most likely contributed by the recent developments surrounding its rival crypto exchange platform, Binance.
At the time of press, FTT was trading at $4.26, representing an impressive 43.24% positive increase in the 24-hour period, which followed a 21.08% increase over the 7-day period.
<figure id="attachment_55947" aria-describedby="caption-attachment-55947" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-55947" src="https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-2-440x300.png" alt="" width="500" height="341" srcset="https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-2-440x300.png 440w, https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-2-733x500.png 733w, https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-2.png 768w" sizes="(max-width: 500px) 100vw, 500px">
 <figcaption id="caption-attachment-55947" class="wp-caption-text">
 FTT Price Chart | Source: <a href="https://coinstats.app/coins/ftx-token/" rel="noopener noreferrer nofollow">Coinstats</a>
 </figcaption>
</figure>
&nbsp;
This value increase comes from solid indicators in the same period, where it has outperformed 89% of the top 100 crypto assets in a year. Also, FTT has had 18 green days in the previous 30 days and is trading above the 200-day moving average simultaneously.
However, it is still -95% down in value from its all-time high, which at one point amounted to $84.
<h3 id="span-style-font-weight-400-traders-swap-bnb-for-ftt-span">Traders Swap BNB For FTT</h3>
This value increase is credited with the positive sentiment regarding this digital asset. At the same time, its upward momentum suggests that traders are exchanging their Binance Coin (BNB) for FTT following the escalation of regulatory issues for Binance.
<figure id="attachment_55925" aria-describedby="caption-attachment-55925" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-55925" src="https://bitcoinworld.co.in/wp-content/uploads/Switch-in-traders-holdings-between-BNB-and-FTT-524x300.jpg" alt="" width="646" height="370" srcset="https://bitcoinworld.co.in/wp-content/uploads/Switch-in-traders-holdings-between-BNB-and-FTT-524x300.jpg 524w, https://bitcoinworld.co.in/wp-content/uploads/Switch-in-traders-holdings-between-BNB-and-FTT-874x500.jpg 874w, https://bitcoinworld.co.in/wp-content/uploads/Switch-in-traders-holdings-between-BNB-and-FTT-768x440.jpg 768w, https://bitcoinworld.co.in/wp-content/uploads/Switch-in-traders-holdings-between-BNB-and-FTT.jpg 1024w" sizes="(max-width: 646px) 100vw, 646px">
 <figcaption id="caption-attachment-55925" class="wp-caption-text">
 Switch in traders holdings between BNB and FTT
 </figcaption>
</figure>
&nbsp;
In response to Binance discontinuing its US operations, some funds seem to be shifting into FTX Token, as per Santiment post on X on November 22.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Although many see the <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that <a href="https://twitter.com/hashtag/altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoins</a> had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BNB</a> for <a href="https://twitter.com/FTX_Official?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@FTX_Official</a>'s <a href="https://twitter.com/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FTT</a>. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/4eWvWp5kOc" rel="noopener noreferrer nofollow">pic.twitter.com/4eWvWp5kOc</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1727131878195663127?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The behavior analysis platform noted: “Although many see the #Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that #altcoins had already seen shrinking market caps. Interestingly, it appears some traders are swapping their $BNB for @FTX_Official’s $FTT.”
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/ftt-skyrockets-as-gary-gensler-hints-at-a-possible-ftx-reboot/" aria-label="“FTT Skyrockets As Gary Gensler Hints At A Possible FTX Reboot” (Edit)" rel="noopener noreferrer nofollow">FTT Skyrockets As Gary Gensler Hints At A Possible FTX Reboot</a>
<h3 id="span-style-font-weight-400-developments-contributing-to-ftt-s-value-surge-span">Developments Contributing To FTT’s Value Surge</h3>
Despite its troubled past, which saw the FTX cryptocurrency derivatives exchange filing for bankruptcy in November of 2022 and recent legal verdicts against its owner, Sam Bankman-Fried, FTT seems to be rallying its price recently.
Another development that has spelled gains for FTT is the legal <a href="https://www.bloomberg.com/news/articles/2023-11-20/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case?embedded-checkout=true" rel="noopener noreferrer nofollow">proceedings</a> against its rival’s (Binance) now-former CEO Changpeng Zhao, who announced his resignation yesterday.
The post <a href="https://bitcoinworld.co.in/ftx-token-skyrockets-over-40-as-binance-faces-legal-battle/" rel="noopener noreferrer nofollow">FTX Token Skyrockets Over 40% As Binance Faces Legal Battle</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

FTX Token Skyrockets Over 40% As Binance Faces Legal Battle

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