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Exchange Token FTT’s 200% Spike in 2 Weeks Bankman-Fried’s Fraud Conviction Woes
FTT, the exchange token launched by the now defunct cryptocurrency trading platform FTX, has experienced a significant 200% surge in value over the past two weeks, surpassing the $3 per unit mark. Ranking as the fifth largest exchange coin in terms of market capitalization, FTT stands below prominent counterparts like BNB, LEO, OKB, and CRO.
FTT Records Colossal Gains Over the Past Fortnight
Originally developed by the now-convicted Sam Bankman-Fried and the insolvent FTX, the crypto asset FTT has defied the odds. Despite the backdrop of Bankman-Fried’s fraud conviction and FTX’s ongoing Chapter 11 bankruptcy proceedings, FTT has shown a significant uptick in market performance, making notable strides within the last two weeks.
Despite a 6.3% decline in the past week, FTT has shown a notable 200.2% increase against the U.S. dollar over the last fourteen days. Currently, FTT boasts a 24-hour global trade volume of $230.85 million, placing it in the 21st position for daily spot trading volume. As of Sunday, November 19, 2023, FTT’s leading trading pairs include USDT, USD, ETH, USDD, and USDC.
A significant portion of FTT’s supply is in the hands of the FTX estate and centralized exchanges. While there are 29,221 FTT holders, the top 100 control a staggering 98.83% of the total supply. This might leave many puzzled as to why a token, developed by a convicted fraudster and a bankrupt exchange, is performing remarkably well. The answer lies in the widespread belief that FTX could be revived under new management.
Many speculate that a potential FTX 2.0 would reintroduce FTT, assigning it new utility or broader possibilities. Investors are gambling on acquiring FTT at rock-bottom prices, betting on a win if FTX 2.0 incorporates the exchange token.
However, this is speculative, as the future of FTT remains very uncertain, and there’s a chance that a new FTX team may choose not to utilize the token for various reasons. Despite these uncertainties and risks, speculative theories continue to fuel FTT’s momentum, propelling its value based on potential long-term outcomes.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Bitcoin Held in Exchange Wallets Rising At Pace of $1.16B a Month, Data Show
Bitcoin [BTC] stashed in wallets tied to centralized cryptocurrency exchanges is rising at the fastest pace since May, hinting at a potential bull pause in the market.
Blockchain analytics firm Glassnode's bitcoin exchange net position change metric, which measures the number of coins held by exchange wallets on a specific date compared to the same date four weeks ago, rose to 31,382.43 BTC ($1.16 billion) on Sunday, the highest since May 11, 2023. That has lifted the total balance held on exchanges to 2.35 million BTC.
An inflow into exchange wallets is widely taken to represent investors' intention to liquidate their holdings, a potential selling pressure, or deploy coins as a margin in futures and options markets. Meanwhile, an outflow represents accumulation.
The BTC exchange net position change has been consistently positive since Nov. 1. Historically, such periods have coincided with bull market breathers or price pullbacks.
That said, the latest inflow could also signify renewed investor confidence in centralized exchanges.
The safety of coins held in exchange wallets came into question late last year after Sam Bankman Fried's FTX exchange collapsed, which, at the time, was the third largest. That saw investors move coins off exchanges and into their direct custody.
Bitcoin changed hands at $37,170 at press time, according to CoinDesk Indices data, having put in a high of $31,517 late Sunday, supposedly on the back of BTC-supportive Javier Milei's victory in Argentina's Presidential elections.
The leading cryptocurrency by market value has gained 7.5% this month, extending October's 28% rise, CoinDesk data show.
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