FTX, a cryptocurrency exchange, is considering reopening at some point in the future, attorneys from Sullivan and Cromwell revealed. Although this decision is far from final, lead attorney Andy Dietderich mentioned that customers may be offered a few options to join in. This news caused a stir in the crypto community and triggered a 100% rally in the native token, FTT, doubling its value in a short amount of time.
The FTT price broke out of the descending triangle and reached the apex of consolidation, indicating a resurgence of a strong bullish trend. However, the price is currently facing some resistance at the $2.5 level, with a bearish cartel attempting to hinder its progress. Despite this, the ADX has displayed a bullish divergence, and after a minor consolidation, a notable price rise is expected.
As a result of the recent upswing, three whales have profited heavily, with one portfolio surging by $500K, resulting in profits of nearly 100%, 250%, and 60%, respectively. In addition, FTX has reportedly recovered $7.3 billion in assets, including $2 billion in cash, $4.3 billion in class A cryptos, $300 million in securities, and $600 million in accounts receivable from investments.
This news has exciting implications for the crypto space, as FTX’s potential relaunch could bring renewed attention to the platform and possibly boost the value of other cryptocurrencies. The recovery of such a significant amount of assets also demonstrates FTX’s resilience and ability to weather market fluctuations.
Overall, the current state of FTT and FTX presents a unique opportunity for investors looking to capitalize on the resurgence of bullish trends in the crypto market.
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