👌👌FTX agenda stirred things up: FTT increased by 70 percent! 👌👌
FTT increased by over 70% on September 29, reaching $2.70 for the first time since March 2024. FTT, which was traded at around $1.4 last month, increased by nearly 75% on September 29. However, it later fell to $2.10 due to selling pressure. The altcoin, which rose after a long hiatus, managed to draw attention again. So why did FTT rise?
This rise of FTT began with rumors that the FTX bankruptcy office would distribute repayment funds to creditors and customers on September 30. However, according to the official Chapter 11 filing, the bankruptcy plan has not yet been approved. A court hearing to approve the plan will be held on October 7. If approved, the FTX board of trustees will begin making payments to those with less than $50,000 by the end of 2024. Larger creditors may not receive payments until the first or second quarter of 2025. These developments in FTX surprised the market by giving FTT a positive momentum. An increase was expected in line with expectations; however, most crypto investors did not anticipate an increase close to 70%.
If the dynamic agenda in FTX continues, Bitcoin rises or BTC dominance declines, FTT could gain positive momentum. However, if the opposite scenario occurs, serious selling pressure could be seen in the pair.
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