FTX Token (FTT) Price Prediction

The price of FTT today is $0.64, changing within the past 24 hours for -3.53% and 12.65% over the week. FTT’s price action is characterized by the Bearish sentiment.

The current volatility index for FTT is measured at 10.15%. FTT’s circulating supply is 328.9M. In the big picture, the highest price FTT has reached is $84.0945 and its lowest observed price was $0.5146.

What is FTX Token (FTT)?

The FTX Token (FTT) was the native utility token of the FTX cryptocurrency exchange. FTX was a popular cryptocurrency exchange that offered a wide range of trading services, including spot trading, futures trading, options trading, and more.

FTT served several purposes within the FTX ecosystem. Firstly, it functioned as a governance token, allowing holders to participate in the decision-making process for the platform. Token holders can vote on proposals and changes to the FTX exchange, giving them a say in the platform’s future development.

Additionally, the FTT token provided various benefits to its holders. FTX offered fee discounts to users who hold FTT, reducing their trading fees. The size of the discount depended on the number of FTT tokens held and the user’s trading volume.

Furthermore, FTT holders could also access additional features and benefits on the FTX platform. These included exclusive trading competitions, early access to new products and features, and priority access to customer support.

What happened to FTX and FTT? In November 2022, the exchange declared bankruptcy after its insolvency and commingling of user funds came to light. However, as its native token resides on the blockchain, it remains, and although it is currently useless, it is still traded on some exchanges.

What affects the FTX Token price?

Binance’s Legal Trouble

With FTX being defunct and proceeding with bankruptcy, there are not a lot of reasons for the FTT price to move. At least, not the fundamental ones. However, crypto investors might want to keep an eye on the news and some curious data.

On November 21, 2023, when most cryptocurrencies were losing value, FTT ended up being one of the few tokens to be in the black. What is more, it even was ahead of most altcoins that did see an upside move. What happened that day?

For the crypto industry, it was a rather historic date: Changpeng Zhao, also known as CZ, announced he would be stepping down as the CEO of FTX’s rival exchange Binance. This step was only a small part of the settlement with the US SEC: CZ and Binance also pleaded guilty to violating the money laundering regulations and agreed to pay an unprecedented fine of $4.3 billion. The settlement also stipulated that from now on, Binance will stay under the OFAC monitoring for the next five years.

In other words, Binance’s fate could be worse but is grim nonetheless. But for the remainder of the FTX team and FTT holders this is a taste of justice. Binance and FTX go ways back, with the former having a stake in the latter until 2022. CZ’s announcement of this stake’s sale was a catalyst for the collapse of FTX.

A Santiment’s recent post provides facts to back up this claim: they concluded that traders were even switching camps and trading BNB for FTT.

FTX Reboot

Another topic that keeps the holders hopeful is rumors swirling around a potential relaunch of the exchange. Nothing is set in stone as of the time of writing but some see it as a “buy the rumor, sell the news” opportunity.

There have been a handful of headlines that fanned the flames in November alone. Firstly, the lawyers confirm the outreach with proposals to sell the brand assets or relaunch the exchange altogether. Then there was a new Backpack Exchange by the former FTX executives. Not to mention, the SEC Chairman Gary Gensler went on record to reassure the authorities would not mind FTX reopening — with proper bookkeeping and compliance, of course.

It needs to be said that it is not like people are rooting for the return of FTX. The damage of its collapse has surely turned the crypto community against the exchange and eroded almost all trust. Rather, it is a hope that FTT can be worth something once again.

Market Sentiment

The overall sentiment on the crypto market is another factor that certainly influences the price of FTT. Even though we have seen it go against the tide, generally it is more likely to be in profit when other cryptocurrencies are also seeing gains. And vice versa, when the majority of the market loses value, FTT is likelier to end up losing as well.

FTT Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the FTT markets is Bearish. The Fear and Greed Index for FTT today is in the 26 (Fear) zone.