Cash News
The cryptocurrency belonging to the defunct cryptocurrency exchange FTX FTT/USD dramatically jumped on Sunday, dwarfing the gains made by the rest of the market.
What happened: FTT exploded more than 60% over the last 24 hours, turning out to be the market’s biggest gainer by a mile. The coin’s trading volume lifted an eye-popping 3734%, with the buying pressure catapulting it to values not seen since mid-March.
The rally defied the broader market that saw the total market capitalization contract by 1.89% in the last 24 hours.
FTT’s massive spike was unusual, given that the coin doesn’t have any use as of this writing. It lost more than 90% of its market value after FTX’s fraudulent activities were unearthed, leading to the exchange’s bankruptcy in the fall of 2022.
FTX’s disgraced founder Sam Bankman-Fried was sentenced to 25 years in prison earlier in March for his role in the sensational fraud case.
See Also: Maxine Waters Says ‘Crypto Is Inevitable,’ Other Countries Are ‘Way Ahead’ Of The United States
Why It Matters: FTT’s odd jump coincided with rumors that FTX would begin repaying fraud victims on Sept. 30.
However, these were categorically debunked by FTX creditor activist Sunil Kavuriwho said that the next court hearing for the restructuring plan was on Oct. 7.
Should the plan get a green signal, creditors with claims below $50,000 may see distributions by the end of 2024. Those with larger claims may have to wait until the first or second quarter of 2025, Kavuri said.
Price Action: At the time of writing, FTT was exchanging hands at $2.31, up 61% in the last 24 hours, according to data from Benzinga Pro.
Photo by Sergei Elagin on Shutterstock
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