{"id":573492,"date":"2024-02-06T02:00:16","date_gmt":"2024-02-06T02:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=573492"},"modified":"2024-02-05T17:08:20","modified_gmt":"2024-02-05T17:08:20","slug":"ftt-crashes-30-ftx-relaunch-hopes-fade","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ftx-ftt-bankman\/ftt-crashes-30-ftx-relaunch-hopes-fade\/","title":{"rendered":"FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?"},"content":{"rendered":"

The dream of a revived FTX exchange evaporates, triggering a massive sell-off of its native token, FTT. According to <\/span>Kaiko<\/span><\/a>, on February 5, FTT, the now utility-free currency of the defunct exchange, plummeted over 30% last week, erasing much of its recent gains fueled by speculation of an FTX comeback.\u00a0<\/span><\/p>\n

\"FTT
FTT price collapse | Source: Kaiko via X<\/figcaption><\/figure>\n

FTX Won’t Resume Operations<\/span><\/h2>\n

The worrying drop follows reports that the bankrupt exchange, once led by Sam Bankman-Fried, is unlikely to resume operations. Notably, the news comes despite a glimmer of hope for FTX customers.\u00a0<\/span><\/p>\n

At a recent court hearing, the exchange’s representatives claimed it expects to repay its users fully. However, repayments would be based on the worth of their assets during FTX’s bankruptcy.\u00a0<\/span><\/p>\n

Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here\u2019s The Next Target<\/a><\/div>\n

It should be noted that by the time FTX went bankrupt in late 2022, crypto assets were at the last phase of a bear market, with prices plunging to multi-month lows. Bitcoin, the world’s largest crypto asset, was trading below $20,000. After FTX collapsed, prices crashed below $16,000 before bouncing back strongly.\u00a0<\/span><\/p>\n

Following a court hearing in late January, FTX lawyer Andrew Dietderich, in a now-deleted YouTube video, said the exchange wouldn’t be looking to relaunch<\/a> due to the absence of buyers. For this reason, the exchange is looking at allowing creditors to obtain approvals from investors seeking repayments.\u00a0<\/span><\/p>\n

Claimants impacted, given the new conditions and trajectory the exchange plans to take, have to provide sufficient proof that they held assets in FTX before it collapsed.\u00a0<\/span><\/p>\n

This new detail raises concerns for thousands, if not hundreds of thousands, of claimants, who argue that the actual value of their assets lies at the pre-crash level. On average, Bitcoin and top coins were roughly double digits higher than the November 2022 lows.<\/span><\/p>\n

FTT Is Free Falling, Reverses November Gains<\/span><\/h2>\n

For the better part of 2023, FTT prices recovered steadily. To demonstrate, since November 2023, FTT prices have risen by over 300%. The encouraging surge was fueled solely by the possibility of FTX 2.0 launching and implementing a new management model.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Price Will Skyrocket To $280,000 Next Year: Hedge Fund Manager<\/a><\/div>\n

With that hope fading, FTT appears to be facing a harsh reality check. Questions about its utility are being asked since FTT served as a critical cog in the FTX ecosystem when the exchange operated normally.\u00a0<\/span><\/p>\n

\"FTT<\/a>
FTT price trending downward on the daily chart | Source: FTTUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

When writing on February 5, FTT changes hands at around $1.7. Looking at price charts, bears are in control, completely reversing the gains of November 2023. As it is, $0.95 remains to be a key support line.\u00a0<\/span><\/p>\n

Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

The dream of a revived FTX exchange evaporates, triggering a massive sell-off of its native token, FTT. According to Kaiko, on February 5, FTT, the now utility-free currency of the defunct exchange, plummeted over 30% last week, erasing much of its recent gains fueled by speculation of an FTX comeback.\u00a0 FTX Won’t Resume Operations The worrying drop follows reports that the bankrupt exchange, once led by Sam Bankman-Fried, is unlikely to resume operations. Notably, the news comes despite a glimmer of hope for FTX customers.\u00a0 At a recent court hearing, the exchange’s representatives claimed it expects to repay its users fully. However, repayments would be based on the worth of their assets during FTX’s bankruptcy.\u00a0 Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here\u2019s The Next Target It should be noted that by the time FTX went bankrupt in late 2022, crypto assets were at the last phase of a bear market, with prices plunging to multi-month lows. Bitcoin, the world’s largest crypto asset, was trading below $20,000. After FTX collapsed, prices crashed below $16,000 before bouncing back strongly.\u00a0 Following a court hearing in late January, FTX lawyer Andrew Dietderich, in a now-deleted YouTube video, said the exchange wouldn’t be looking to relaunch due to the absence of buyers. For this reason, the exchange is looking at allowing creditors to obtain approvals from investors seeking repayments.\u00a0 Claimants impacted, given the new conditions and trajectory the exchange plans to take, have to provide sufficient proof that they held assets in FTX before it collapsed.\u00a0 This new detail raises concerns for thousands, if not hundreds of thousands, of claimants, who argue that the actual value of their assets lies at the pre-crash level. On average, Bitcoin and top coins were roughly double digits higher than the November 2022 lows. FTT Is Free Falling, Reverses November Gains For the better part of 2023, FTT prices recovered steadily. To demonstrate, since November 2023, FTT prices have risen by over 300%. The encouraging surge was fueled solely by the possibility of FTX 2.0 launching and implementing a new management model.\u00a0 Related Reading: Bitcoin Price Will Skyrocket To $280,000 Next Year: Hedge Fund Manager With that hope fading, FTT appears to be facing a harsh reality check. Questions about its utility are being asked since FTT served as a critical cog in the FTX ecosystem when the exchange operated normally.\u00a0 When writing on February 5, FTT changes hands at around $1.7. Looking at price charts, bears are in control, completely reversing the gains of November 2023. As it is, $0.95 remains to be a key support line.\u00a0 Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":513565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87361],"tags":[428,679,87394,86846,86845,71704,91530],"class_list":["post-573492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftx-ftt-bankman","tag-bitcoin","tag-bitcoin-price","tag-ftt","tag-ftt-price","tag-fttusdt","tag-ftx","tag-ftx-relaunch"],"acf":[],"yoast_head":"\nFTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?<\/title>\n<meta name=\"description\" content=\"The dream of a revived FTX exchange seems to be evaporating, triggering a massive sell-off of its native token, FTT\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?","url":"http:\/\/wncen.com\/news\/ftx-ftt-bankman\/ftt-crashes-30-ftx-relaunch-hopes-fade\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ftx-ftt-bankman\/ftt-crashes-30-ftx-relaunch-hopes-fade\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/FTX-FTT-Token.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/FTX-FTT-Token.jpeg?fit=1800%2C1196"},"articleSection":"FTX, FTT and Sam Bankman Fried","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","ftt","ftt price","fttusdt","ftx","ftx relaunch"],"dateCreated":"2024-02-06T02:00:16Z","datePublished":"2024-02-06T02:00:16Z","dateModified":"2024-02-06T02:00:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ftx-ftt-bankman\\\/ftt-crashes-30-ftx-relaunch-hopes-fade\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ftx-ftt-bankman\\\/ftt-crashes-30-ftx-relaunch-hopes-fade\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/FTX-FTT-Token.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/FTX-FTT-Token.jpeg?fit=1800%2C1196\"},\"articleSection\":\"FTX, FTT and Sam Bankman Fried\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"ftt\",\"ftt price\",\"fttusdt\",\"ftx\",\"ftx relaunch\"],\"dateCreated\":\"2024-02-06T02:00:16Z\",\"datePublished\":\"2024-02-06T02:00:16Z\",\"dateModified\":\"2024-02-06T02:00:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/FTX-FTT-Token.jpeg?fit=1800%2C1196","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/573492"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=573492"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/573492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/513565"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=573492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=573492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=573492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}