FTT, the native token of the bankrupt cryptocurrency exchange FTX, experienced a 30% increase in value over the last 24 hours, reaching its highest point this month at $2.93. The price surge occurred after FTX provided an update on its reorganization plan, which is set to begin in January 2025. FTT became the top gainer among the top 100 cryptocurrencies, with some analysts speculating it could surpass its year-to-date high of $3.43.
However, the token experienced a slight correction, dropping to $2.56 with an impressive market cap of $843 million. FTX’s reorganization plan update revealed that it is nearing the final stage of its court-approved Chapter 11 plan and aims to start distributing funds to creditors and customers in early 2025.
FTX expects to finalize arrangements with distribution agents in December 2024, followed by customer reimbursements. To receive their share, customers need to set up an approved account with a Distribution Agent, complete KYC verification, and submit required tax forms before the distribution record date.
Analysts predict that if the upward trend continues, FTT could break through the $2.69 resistance and potentially climb toward $3.43. However, if large volumes of tokens are sold off, it could put downward pressure on the price.
Source
<p>The post FTX Update Boosts FTT’s Price, But Expectations for Further Rally May Be Premature first appeared on CoinBuzzFeed.</p>
