FTT Price Prediction

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A crypto trader on the Cryptonews YouTube channel forecasted a potential FTX token (FTT) price prediction, if the bankrupt exchange is set to relaunch their platform. Has $FTT bottomed?

In the aftermath of the FTX exchange’s insolvency in November 2022, the crypto market experienced a wave of uncertainty. Sam Bankman-Fried – also known as SBF – facing a series of charges cast doubt on the future of both FTX and its native FTT token. However, hope flickered back when plans to reinvigorate the struggling exchange surfaced, leading to a surge in interest in the FTX token.

John J Ray III, taking the helm as CEO, promptly initiated a bidding process to rejuvenate the exchange and actively sought letters of intent from interested stakeholders. This unforeseen development has sparked anticipation within the crypto community, pondering whether FTX will emerge stronger under the guidance of its new leadership.

FTX announces relaunch with offshore exchange plan, targeting settlement for foreign customers

The bankrupt cryptocurrency exchange, FTX, has put forward a proposal to potentially revive its international platform, FTX.com. On August 1, the company’s bankruptcy administrators confirmed these rumors by submitting a draft plan for reorganization, suggesting the creation of a revamped offshore exchange exclusively for non-U.S. users.

Recently appointed CEO, John J. Ray III of FTX Trading Ltd., introduced the draft strategy to revive the defunct FTX cryptocurrency exchange, giving FTX.com claimants the opportunity to hold equity securities, tokens, or other interests in the newly established offshore company.

The FTX Debtors filed their Initial Plan of Reorganization and a summary term sheet to facilitate creditor feedback on the plan with stakeholders. Read details here: https://t.co/bDy7QdQ5Tx

— FTX (@FTX_Official) August 1, 2023

The proposed plan categorizes claimants into “Dotcom customers” and “U.S. customers” for the offshore FTX.com exchange, with three main recovery pools – the Dotcom Customer Pool, U.S. Customer Pool, and General Pool – encompassing all assets associated with FTX.com and FTX US.

The newly formed company, in collaboration with outside investors, will operate the “rebooted” offshore platform, excluding American investors, with each Dotcom customer receiving a pro-rata share of assets tied to FTX.com.

However, the plan indicates that claims from FTT holders, the exchange’s native token, will be canceled and not eligible for distribution. Additionally, non-customer claims, such as regulatory penalties and taxes, will be subordinated.

This development follows a recent in-principle settlement between FTX and Genesis to resolve claims in the bankruptcy proceedings. FTX is currently suing Bankman-Fried and other implicated directors to recover over $1 billion in alleged misappropriated funds.

The new FTX CEO initially suggested the concept of reviving the collapsed FTX exchange in January, aiming for a planned relaunch during Q2 of 2023. Court documents reveal Ray’s active efforts to investigate the necessary steps for the restart and prepare the “FTX 2.0” materials for distribution to investors.

The native token of the FTX exchange, FTT, experienced a significant price surge following the exchange’s proposal to relaunch in the international market. FTT rose by 17% on Tuesday, reaching $1.59 from $1.34. However, it later declined, hitting a low of $1.42, but has since been gradually recovering.

Presently, FTT is trading at $1.28, reflecting a 5.33% decline in the last 24 hours, with a peak of $1.3496 and a low of $1.2276. It is essential to consider that price forecasts, especially for cryptocurrencies, can be inaccurate due to their inherent volatility.

Many long-term predictions are algorithm-based and subject to change at any moment. The market is expected to remain challenging, impacted by inflation fears for the next two years. If FTT adopts suitable upgrades in line with market trends, its price may be less vulnerable to bearish trends.

The announcement of FTX 2.0 launch briefly boosted its price. In the best-case scenario, FTT could reach a maximum price of $2.89, with a 15% variation, considering the inflation concerns. Conversely, if bearish trends prevail, the altcoin may settle around a minimum price of $1.16.

A balanced trade activity could lead to an average trading price of $2.025. To achieve higher peaks, the FTX token’s team should focus on developmental and community-building initiatives. The occurrence of Bitcoin’s halving event in 2024 could further boost FTT’s price forecast to its potential high of $3.99.

On the downside, declining prominence and increased competition might restrain the price to $2.87, while the absence of proactive initiatives could limit the average price to $3.43.

Read our FTX Token Price Prediction.

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FTT Price Prediction – If FTX Exchange Restarts in August, Can Its Native Token Recover

FTX announces relaunch with offshore exchange plan, targeting settlement for foreign customers