This morning, the FTT Token price has jumped to a new-all-time following the news that FTX’s US arm has acquired the regulated derivatives exchange, LedgerX. The announcement comes just three weeks after FTX.US President Brett Harrison told Business Insider the firm aimed to offer crypto derivatives in the US within a year.
This provides the latest in a long list of positive developments for FTX, which recently completed a $900 million capital raise, valuing the exchange at $18 billion. Ambitious FTX founder Sam Bankman-Fried has wasted no time deploying the funds, and the market seems to like that. As I write, The FTT token price is trading at $69.05, extending the 2-day gains to 45%. As a result, the exchange token has seen its value increase by more than $2 billion to around $6.5b, making it the 27th-largest cryptocurrency.
The daily chart shows that FTX has burst above the former all-time high at $63.20, which now acts as support. Furthermore, considering the bullish news, the FTT Token price looks set to go even higher.
Looking back to the start of 2021, when FTX broke previous highs, the price extended on average around 40% before settling. On that basis alone, it’s not out of the question for FTX to do the same this time around. This would take the price to around $90.00. However, that is a fairly rudimentary estimate and by no means guaranteed.
In saying that, the outlook is certainly positive, and as long as FTX stays above $63.20, it should continue to find a bid. However, if the price fails to sustain Mays high, it could pull back to the next level of support, around $53.00.
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