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FTT Soars 30% After FTX Shares Update On Reorganisation

Author: Content Editor
The native token of bankrupt cryptocurrency exchange FTX, FTT, has experienced a surge of over 30% in the past 24 hours, reaching its monthly high of $2.93. This price increase follows an update on FTX's reorganization plan, which is set to begin in January 2025. FTT's strong performance has made it the top gainer among the top 100 cryptocurrencies, leading to expectations of further rally and a potential surpassing of its year-to-date high of $3.43. However, there has been a small correction in FTT's price, dropping it to $2.56. FTX has announced its nearing completion of its court-approved Chapter 11 plan and aims to start distributing funds to creditors and customers in early 2025. The company has outlined specific steps for customers to receive their share in a smooth manner. While some analysts speculate that FTT may break through resistance levels and reach $3.43, large volumes of tokens being sold off could exert downward pressure on its price.

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