Join Our Telegram channel to stay up to date on breaking news coverage
FTX token price prediction remains bearish as FTT could not break its previous session’s losing streak. FTT drew some additional offers around the $24 mark due to the numerous negative news stories negatively impacting investors’ moods, causing many cryptocurrencies to suffer. The FTX coin had been performing well in recent sessions, aided by an upbeat crypto market.
FTT, the native token for the FTX exchange, had gained 2.5% yesterday and was trading at the $26.19 level. FTT was up 15% over the past week. Although the gains were short-lived or temporary as the prices of FTT, the native token for the FTX exchange dropped from the $26 to $25 level.
However, the reason for its current bearish rally could be attributed to the recent US Fed rate hike, which left a negative impact on the entire crypto market.
FTX Token Price Prediction & Tokenomics
The current live FTX Token price is $25.16 with a daily trading volume of $71,612,438. FTX Token’s value has dropped by 3.14% over the previous 24 hours. FTX is now ranked #23 on the market with a $3,347,545,752 live market value.
There are 352,170,015 FTT coins in total, with 133,025,776 currently in use.
The crypto market has been flashing red since the day started, which harmed many investors’ moods and contributed to the losses in the cryptocurrencies including FTX Token (FTT) coin. Moreover, the broad-based US dollar bullish bias, backed by the hawkish fed remarks, was seen as another key factor that kept the cryptocurrencies down.
FTX Token (FTT) Analysis
The FTX Token (FTT) token has been performing well in recent sessions, gaining significant support at $26 and increasing 15% over the previous week. Several factors, however, were contributing to its bullish trend.
Technically, the upward trendline is likely to support FTX near $24 and may drive another round of buying today.
One of them was the resurgent cryptocurrency market, which aided the rise of numerous digital currencies, including the FTX Token (FTT) token.
Meanwhile, the announcement that FTX is now operational in the UAE contributed to the increased value of the FTX Token (FTT) token. Two weeks after FTX said it was “in discussions” to bring on institutional investors with offices in the UAE, the cryptocurrency exchange has formally launched its crypto services in the UAE.
https://twitter.com/FTX_MENA/status/1587081339832078337?s=20&t=KvEMEvIDR03J42M1r4sg3w
The gains in the FTX Token (FTT) token, however, were short-lived as it failed to maintain its previous upward trend and plummeted dramatically around the $25 level.
The most recent declines, however, occurred after the crypto market lost its previous upward momentum as a result of the Federal Reserve, the US central bank, adopting a hawkish stance, which resulted in the most recent falls.
Bearish Crypto Market – US Fed Rate Hike
The global cryptocurrency market failed to extend its previous bullish rally and lost momentum as a result of the Federal Reserve’s and the US central bank’s hawkish stance. The most recent 75-bps interest rate increase by the US Federal Reserve has harmed entire cryptocurrencies.
As a result, the market capitalization of all cryptocurrencies may continue to fall.
Watch Chair Powell's statement from the #FOMC press conference:
Intro clip: https://t.co/Htl65nvNno
Full video: https://t.co/xR79rwurGM
Press Conference materials: https://t.co/XW33BXbvmb— Federal Reserve (@federalreserve) November 2, 2022
In light of the Federal Reserve’s hawkish stance, Elon Musk’s favorite memecoin, Dogecoin (DOGE), has also broken its upward streak and was one of the top losers on Thursday.
Bitcoin (BTC) and Ethereum (ETH), on the other hand, have managed to maintain their respective prices of $20,000 and $1,500. As a result, the bearish crypto market and the Federal Reserve’s hawkish stance have weighed on the FTX Token (FTT) price.
Bullish US Dollar
On the other hand, the broad-based US dollar bullish bias played a major role in undermining cryptocurrencies. The dollar maintained its bullish bias and remained well bid on the day as the Fed lifted its benchmark funds rate by 75 basis points (bps) to 3.75–4% on Wednesday.
Watch the moment Federal Reserve Chair Jerome Powell announced a 0.75% interest rate hike, the fourth straight increase of this amount. pic.twitter.com/ejyChypZ7S
— The Recount (@therecount) November 2, 2022
The US dollar initially declined as a result of the Fed’s less hawkish statement’s indications of upcoming lesser rate hikes, but it later recovered strength when Chair Jerome Powell stated that the fight against inflation will necessitate higher borrowing rates.
Dash 2 Trade (D2T) to be Listed on LBank Soon
Related:
Join Our Telegram channel to stay up to date on breaking news coverage
