Bitcoin

<div class="cryptonews">
 <p class="is-style-lead">The naive token of the cryptocurrency exchange FTX rose sharply amid news of the sale of GBTC <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a>.</p>
 <p>According to CoinMarketCap data, over the past 24 hours, the FTT token has risen by more than 10% to $2.83. Trading volumes for the coin skyrocketed by almost 270%, reaching $62.5 million.</p>
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   <img decoding="async" width="1024" height="534" src="https://cdn.thebittimes.com/images/2024/01/23/19226f2fa5c15f7e84101d331d38abde.webp" alt="FTT surges by 10%, reacting to GBTC shares sell out - 1"> 
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   Source: CoinMarketCap
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 <p>Usually, FTT reacts with a significant price change to FTX’s actions. This time, FTT probably reacted with growth to the news that FTX sold <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> of the spot Bitcoin (BTC) ETF to Grayscale 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 GBTC. This sale is likely part of bankruptcy proceedings.</p>
 <p>The pressure on the rate of the first cryptocurrency may now presumably ease. Exchange sales also explain significant outflows from Grayscale.</p>
 <p>A similar situation occurred in January when FTT responded with a rise of more than 24% after crypto exchange users filed complaints over its indemnity plan.</p>
 <p>FTT also rose nearly 30% in December 2023 as FTX announced it had reached a joint bankruptcy agreement with its Bahamian subsidiary, which was undergoing a separate process.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftt-surges-by-10-reacting-to-gbtc-shares-sell-out-tbt77387.html">https://thebittimes.com/ftt-surges-by-10-reacting-to-gbtc-shares-sell-out-tbt77387.html</a></p>

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

TheBitTimes

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