FTT, the native cryptocurrency of the bankrupt FTX cryptocurrency exchange, has seen a price surge amid the bankruptcy distribution. According to CoinGecko data, FTT surged more than 70% on September 29, hitting $2.70 for the first time since March 2024.
FTT, which was trading at around $1.40 last month, saw a nearly 75% increase on September 29. It then faced selling pressure and fell to $2.10. The altcoin, which has been on a tear for a long time, is once again reminding itself.
FTT's Rise Comes After Rumors of Distributor Bankruptcy
FTTâs rise comes after rumors that the FTX bankruptcy office would begin distributing debt repayment funds to creditors and customers on Sept. 30. But according to the official Chapter 11 filing, the bankruptcy plan has yet to be approved. A court hearing to approve the plan is scheduled for Oct. 7.
If the plan is approved, FTX trustees would begin distributing to creditors under $50,000 by the end of 2024. Those with larger claims, on the other hand, may not receive distributions until Q1 or Q2 of 2025.
FTT, which has been gaining positive momentum with these developments of FTX, has surprised the market. The increase was expected due to the news effect. But most crypto investors did not expect an increase of nearly 70%.
If the positive agenda on the FTX side continues, BTC increases or BTC dominance decreases, the positive momentum could continue in FTT. However, if the opposite scenario occurs, large sales could occur at par.
