FTX Token (FTT), the native cryptocurrency of failed crypto exchange FTX, has been experiencing bullish momentum due to the expected bankruptcy distributions.
- On September 29, FTT reached multi-month highs with an increase of over 70% and briefly hit $2.70.
- FTT had been trading around $1.40 for the past month.
- As of September 30, its price has fallen back to $2.10, but it is still up 30%.
- This rally was triggered by rumors that the FTX bankruptcy estate will pay creditors and customers.
- The official bankruptcy plan has not yet been approved; the approval hearing is scheduled for October 7.
- If approved, creditors under $50,000 will be paid by the end of 2024. Payments for larger claims could extend into the first half of 2025.
- This uncertainty has increased investor interest in FTT.
- On September 29, FTT reached multi-month highs with an increase of over 70% and briefly hit $2.70.
- FTT had been trading around $1.40 for the past month.
- As of September 30, its price has fallen back to $2.10, but it is still up 30%.
- This rally was triggered by rumors that the FTX bankruptcy estate will pay creditors and customers.
- The official bankruptcy plan has not yet been approved; the approval hearing is scheduled for October 7.
- If approved, creditors under $50,000 will be paid by the end of 2024. Payments for larger claims could extend into the first half of 2025.
- This uncertainty has increased investor interest in FTT.