Following FTX's Important Update on Reorganization Plan, FTT Soars 30%

FTX's native token, FTT, has seen a 30% spike in the previous 24 hours, reaching a monthly high of $2.93. The exchange has now gone bankrupt. The price increases follow FTX's November 21 announcement of a significant update to its restructuring plan, which is scheduled to commence in January 2025.

There is hope that FTT, which has seen a spike that has put it in first place among the top 100 cryptocurrencies in terms of gain, might continue to climb and eventually reach its year-to-date high of $3.43, all because of the current bull market in the cryptocurrency market.

Although the token's market value is remarkable at $843 million, it had a little correction at the time of writing, causing its price to decrease to $2.56.

The court-approved Chapter 11 plan of reorganization is approaching its final stage, according to a press statement issued by FTX on November 21. Thanks to this update, FTX plans to begin paying off creditors and consumers in the first quarter of 2025.

The revised schedule indicates that the now-defunct cryptocurrency exchange FTX plans to close deals with distribution agents in December 2024, after which it may begin refunding customers.

Customers are asked to follow certain procedures in order to get their portion of the funds. These procedures include establishing an authorized account with a Distribution Agent, verifying their identity, and filing the necessary tax forms before the distribution record date.

If the current uptrend continues, an expert predicts that FTT may reach $3.43 after breaking through $2.69. Nevertheless, the price of FTT might be pushed down if tokens that are moving in significant amounts are sold off.

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