Bitcoin

The naive token of the cryptocurrency exchange FTX rose sharply amid news of the sale of GBTC shares. 
According to CoinMarketCap data, over the past 24 hours, the <a href="https://crypto.news/tag/FTT/">FTT</a> token has risen by more than 10% to $2.83. Trading volumes for the coin skyrocketed by almost 270%, reaching $62.5 million. 
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 <img loading="lazy" decoding="async" width="1024" height="534" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-23-at-11.05.06-1024x534.png" alt="FTT surges by 10%, reacting to GBTC shares sell out - 27" class="wp-image-14241385">
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 Source: CoinMarketCap
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 You might also like: <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/"> FTX saga: what happened to FTX and Sam Bankman-Fried in 2023 </a> 
Usually, FTT reacts with a significant price change to FTX’s actions. This time, FTT probably reacted with growth to the news that <a href="https://crypto.news/tag/ftx/">FTX</a> sold shares of the spot Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) ETF to <a href="https://crypto.news/tag/Grayscale/">Grayscale</a> Investments for about $1 billion. According to available information, since the launch of the crypto investment fund in January 2024, the firm has sold 22.3 million <a href="https://crypto.news/tag/GBTC/">GBTC</a>. This sale is likely part of bankruptcy proceedings. 
The pressure on the rate of the first cryptocurrency may now presumably ease. Exchange sales also explain significant outflows from Grayscale. 
A similar situation occurred in January when FTT responded with a <a href="https://crypto.news/ftt-jumps-24-on-former-ftx-customer-complaints/">rise</a> of more than 24% after crypto exchange users filed complaints over its indemnity plan. 
FTT also rose nearly 30% in December 2023 as FTX <a href="https://crypto.news/ftx-and-bahamian-liquidators-agree-on-creditor-payout-plan/">announced</a> it had reached a joint bankruptcy agreement with its Bahamian subsidiary, which was undergoing a separate process. 
 You might also like: <a href="https://crypto.news/lessons-from-2023-the-ftx-trial-and-crisis-management-for-crypto-projects-opinion/"> Lessons from 2023: the FTX trial and crisis management for crypto projects | Opinion </a>

FTT surges by 10%, reacting to GBTC shares sell out

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