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FTX

Breaking: Joe Biden Might Pardon Sam Bankman, Founder of FTXThe crypto world is abuzz with speculation that President Joe Biden could pardon Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX. Bankman-Fried, sentenced to 25 years for fraud and money laundering, remains a polarizing figure. This speculation is fueled by his substantial political donations to the Democratic Party, estimated to total hundreds of millions. These ties have sparked debate about the potential influence on Biden’s discretion to grant a pardon. Elon Musk’s commentary has added weight to these rumors, suggesting that such a move could distract from the upcoming power transition to Donald Trump, scheduled for January 20, 2025. Despite the speculation, platforms like Polymarket estimate only a 16% probability of a pardon, underscoring the general skepticism among political traders. FTT’s Resurgence Amid Bankruptcy Developments While political speculation swirls, FTX Token ( TSX:FTT ) has seen a remarkable 15% surge in value. This comes after FTX announced plans to begin creditor payouts in early 2025 as part of its Chapter 11 bankruptcy process. The court-approved plan will commence on January 3, 2025, with the first tranche of payments targeting "Convenience Classes" claims. The announcement has buoyed investor sentiment, pushing FTT’s price to $3.28 and its market cap to $1.08 billion, with trading volume surging 170%. Despite this positive step, FTX’s recovery journey remains fraught with legal and financial complexities. The company’s eventual revival hinges on asset liquidation and the resolution of outstanding legal issues, a process likely to take years. Technical Analysis of TSX:FTT FTT’s recent price action highlights a bullish reversal pattern, defying the broader crypto market’s bearish trend. Trading at $3.20, FTT has a bullish RSI of 61.77, signaling strong momentum. Key technical levels include: - Support: Immediate support lies at the 65% Fibonacci retracement level, providing a cushion for potential pullbacks. - Resistance: The immediate pivot is the one-month high. A break above this level could ignite a bullish rally, targeting higher resistance zones. FTT’s resilience amid market uncertainty suggests growing investor confidence, potentially driven by the promise of creditor payouts and speculation about the exchange’s future. Overview FTX Token’s value proposition has historically been tied to the FTX platform, offering benefits like fee discounts, staking rewards, and leveraged token creation. However, with FTX’s bankruptcy, the token’s utility has diminished. The recent price surge reflects speculative interest rather than intrinsic value, as the token’s future remains uncertain. FTT Token Overview - Launch: May 8, 2019 - Utility: Discounts on trading fees, staking rewards, and collateral for leveraged positions - Current Status: Associated with a defunct platform, under Chapter 11 proceedings Investor Caution While the recent rally is promising, investors should approach TSX:FTT with caution. The token’s price movements are heavily influenced by speculative trading and bankruptcy developments. Moreover, the potential for token liquidation to pay creditors poses a significant risk to its value. Conclusion The dual narratives surrounding Sam Bankman-Fried’s potential pardon and FTX’s bankruptcy proceedings underscore the complexity of the situation. For TSX:FTT , the path forward is uncertain, balancing speculative optimism against the harsh realities of a defunct platform. Investors should closely monitor legal and market developments to navigate this volatile landscape effectively.
Long
by DEXWireNews
Ftx token ( FTT)Ftt usdt Daily analysis Time frame 4hours Risk rewards ratio >2.5 👈👌👈👈 First target 4.5 $ Second target 5.45 $ LS should have been chosen very close to the entry point (a little below the diagonal line), but in order not to be caught, I chose LS much lower, so that over time and as the price grows, I will also raise LS and make it risk-free. Good news has also been heard in cyberspace about the new management of the FTX exchange, which is paying off its debts, and this is a positive sign for the future this currency and it is likely to return to its original position, the price range before the problems it had with the Binance exchange. (20-25$)
Long
by Habib-Tafazoli
FTX Reorganization Plan Fuels $FTT Rally Amidst Positive OutlookFTX Trading Ltd., the embattled cryptocurrency exchange undergoing Chapter 11 bankruptcy proceedings, has announced significant progress toward its reorganization plan. With a target implementation date set for January 2025, this development has sparked renewed investor confidence, propelling the TSX:FTT token’s price upward by 13% in recent trading sessions. Reorganization Milestones FTX’s reorganization plan, approved by the Court, aims to facilitate creditor and customer distributions, marking a critical step in its recovery journey. Key updates include: - Distribution Framework: The initial distribution of recovered assets is expected to begin within 60 days of the plan’s enforcement. - Global Access: FTX has partnered with specialized distribution agents to ensure global customer access, requiring users to complete KYC verification and tax formalities. - Timeline: Final arrangements with distribution agents by December 2024. Effective date announcement by the end of December. Initial distributions set for early 2025, prioritizing holders of allowed claims in Convenience Classes. FTX CEO John J. Ray III emphasized the importance of the timeline, stating, “We are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.” If successful, the reorganization plan could restore significant trust in FTX, potentially attracting a surge of new and returning investors. Technical Analysis: The promising update has significantly impacted the FTT token’s performance: TSX:FTT has surged 13%, continuing to trade within a bullish zone. The Relative Strength Index (RSI) at 66, indicates strong upward momentum without entering overbought territory, suggesting room for further growth. The token is trading above key moving averages, reinforcing its bullish trajectory. The bullish sentiment is further supported by market speculation that FTX’s ability to reimburse creditors could lead to a renewed influx of investor interest, bolstering the exchange’s reputation and operational capacity. Looking Ahead FTT’s recent price surge serves as a beacon of hope for FTX’s recovery, reflecting market optimism about its ability to execute its reorganization plan effectively. If the exchange successfully meets its commitments, it could not only restore trust among affected customers but also reposition itself as a formidable player in the cryptocurrency landscape. With the reorganization plan underway, TSX:FTT appears poised to continue its upward trajectory, solidifying its place as a key token to watch in the coming months. For investors, this may signal a unique opportunity to ride the wave of FTX’s potential resurgence.
Long
by DEXWireNews
2
FTT , FTX and SAM vs. CZPeter Brandt just post a head and shoulders pattern for FTT!! anyway... in the hours before FTX secured rescue from Binance, it sought a bailout of more than $1 billion from Silicon Valley and Wall Street billionaires. By midday Tuesday the hole appeared far deeper closer to $5 billion to $6 billion. SBF wrote in a message to staff sent on Tuesday morning, “in the last 72 hours, we’ve had roughly $6b of net withdrawals from FTX”. Withdrawals at FTX are “effectively paused”, he wrote, adding that would be resolved in “the near future” targets 5 , 4 , 3
Short
by moonypto
26
FTX Executive Nishad Facing Sentenced Amid $8 Bln Fraud FalloutThe case against Nishad Singh, former FTX chief engineer, has garnered intense scrutiny in the crypto and financial world as he faces sentencing for his role in one of the largest financial frauds in U.S. history. Singh, who pleaded guilty to six counts of fraud and conspiracy, admitted to being a “straw donor” in Sam Bankman-Fried’s political donation scheme and played a role in orchestrating FTX’s misappropriation of customer funds. His sentencing, along with the recent technical analysis of FTX’s native token TSX:FTT , provides a complex perspective on the current state of FTX's assets and market position. Cooperation and Accountability in the FTX Scandal Singh’s involvement in FTX’s collapse goes beyond operational missteps; it includes his participation in diverting an estimated $8 billion from FTX’s customers under the direction of Sam Bankman-Fried. The case, which has revealed severe governance issues within FTX, led to significant financial losses for investors and shattered trust within the crypto community. While Singh’s cooperation, including asset recovery and key information sharing, is expected to contribute to a lighter sentence, Judge Lewis Kaplan has stressed the need for accountability, pointing to the severe impact on countless victims. FTX’s bankruptcy CEO, John J. Ray III, recently issued a letter to Judge Kaplan highlighting Singh’s efforts to assist the debtors. According to Ray, Singh's knowledge of FTX’s operations is critical to ongoing investigations and asset recovery efforts. Singh has surrendered Bahamian property bought with company funds and responded to investigative inquiries, positioning him as a valuable asset for further legal proceedings and recovery efforts. In addition, Singh’s cooperation agreement might extend to testifying in bankruptcy court, potentially providing insights into the company’s operations that could aid in further recovery of assets. This case highlights a broader trend in crypto governance as courts and regulatory bodies examine the internal controls and accountability measures within high-stakes crypto firms. Singh’s sentencing and the ongoing efforts by FTX’s leadership to restore investor trust demonstrate how corporate accountability and individual responsibility intersect in high-profile financial scandals. Technical Outlook FTX’s native token, TSX:FTT , has experienced substantial volatility amid the legal and financial turmoil surrounding the exchange. Currently trading within a declining trend channel, TSX:FTT is down by 2.18% with a moderate Relative Strength Index (RSI) of 44, suggesting consolidation within a narrow price range. Price Movement: TSX:FTT has been trading between the $2 and $1.6 range. The support level at $1.48 is a key point to watch, as a break below this level could signal a deeper decline, while a bounce could provide a buy signal for traders. This range-bound movement, combined with low trading volumes, reflects caution among investors as they assess FTX's ability to recover from the ongoing legal challenges. Market Sentiment and Potential Buy Signal: Given the current market sentiment around FTX, TSX:FTT ’s technical indicators highlight a potential accumulation phase, where investors may look for an entry point at the $1.48 support level. This level may attract buying interest as traders consider the possibility of a reversal if the company manages to stabilize and address its financial and legal issues. Nishad Singh’s sentencing and cooperation could bring further transparency to FTX’s operations, potentially influencing investor sentiment around $FTT. A lighter sentence for Singh might indicate ongoing cooperation with authorities, providing some relief to traders who remain interested in FTX’s long-term recovery prospects. Conclusion With Nishad Singh’s sentencing set to unfold, his cooperation remains a significant factor in the broader investigation into FTX’s downfall. Singh’s actions and the judicial response will likely impact investor sentiment in the crypto market, particularly regarding FTX and its native token, $FTT. While TSX:FTT ’s current price pattern reflects caution, traders should keep an eye on support levels and overall market sentiment as FTX navigates its legal and financial recovery.
Short
by DEXWireNews
28/10/24 Weekly outlookLast weeks high: $69,526.58 Last weeks low: $65,268.55 Midpoint: $67,397.56 2021's ATH of $69,000 was once again broken last week, that makes it the 8th time this year BTC has broken through that level. Each and every time so far price has rejected off without price acceptance above it. We are now 7 days away from the US election, with Trump in the lead in the polls and Wall Street preparing for another Trump presidency I expect to see crypto start to push on after the 8 month chop. The plan for a Bitcoin strategic reserve and favourable law-making towards the crypto market is a positive. We also have the FTX distribution in 2 weeks, that's $16B coming back into the market, perhaps not all of it will stay in crypto but even if a portion of that remains that will be a significant boost to buyside pressure. All in all BTC is in good shape currently, I would like to see acceptance above the all important $69,000 level by the end of the week setting us up well for the US election. Obviously what happens there is unknown until we get the result and typically fear can be negative for the markets so maybe we don't see acceptance this week but I am confident that the R:R at current price looks good with many signals showing growth is likely going into the end of Q4.
by ProR35
PULSECHAIN is Gaining marketshare versus SOLANAWHY? Because #SOL is considered a safe blue chip asset now. One of the top 3. Nobody will laugh at you if you tell them you have invested in SOL. Instead they may congratulate you assuming you have made a 10X on it and a 50X on #WIF Yes alot of smart investors bought Solana at $25 on a technical breakout of beautiful structures --- ones I highlighted at the time. But more people bought around $125 chasing the momentum or buying the pullback assuming that it will break into new highs next year.. Yet #FTX Alameda will still unload a Billion dollars worth of coins.. and SOL inflation sits around 20% a year. People hate #Pulsechain I mean really hate Pulsechain and people definitely will laugh at you if you told them that you own it. Yet QUIETLY it is up over 70% versus SOL in the past few weeks. This makes PLS a contrarian bet That could yield high rewards. I believe this trend can continue ... do you?
PULSEX:WPLSDAI_E56043.USDLong
by BallaJi
FTX Creditors to Receive $6 Billion in RepaymentsThe saga of the FTX collapse took a positive turn as creditors voted in favor of a reorganization plan that would see over $6 billion distributed to affected users. This long-awaited development marks a significant milestone for the beleaguered cryptocurrency exchange and its community, following the turmoil caused by its 2022 implosion. FTX Creditors Approve Repayment Plan FTX creditors have overwhelmingly supported the repayment plan, with a reported 94% of those in the "dot com customer entitlement claims" class voting in favor of the distribution. This indicates a unified front from users seeking to recover their losses. According to Kroll Restructuring Administration, nearly all creditor classes voted in favor of the reorganization, setting the stage for a smooth transition toward asset distribution. With the creditors' approval, the plan is now awaiting a formal confirmation hearing scheduled for October 7. Analysts believe this hearing is just a formality, as the overwhelming support makes it highly likely the plan will move forward without major obstacles. What Does This Mean for FTX Creditors? Under the terms of the plan, a total of $6.83 billion will be allocated to affected customers and creditors. Those in the "US customer entitlement claims" category are expected to receive around $60.99 million, while creditors in the "dotcom convenience claims" class will see $223.59 million in claims. Many of these users could receive up to 118% of their original claims in cash. However, it's important to note that these repayments are based on the value of their cryptocurrency holdings at the time of filing. Given the volatility of the crypto market, the actual value of the repayments may be lower than current market rates. Still, this plan represents a crucial step toward compensating victims of the FTX collapse. Timeline for Distribution The timeline for the distribution remains a hot topic among creditors. According to analyst Tom Dunleavy, payments could commence within 4 to 8 weeks, meaning users could see their funds before the end of 2024. Three "omnibus hearings" scheduled for October 22, November 20, and December 12 are key dates that will help finalize the process. This development brings much-needed relief to the crypto community, which has been grappling with the fallout from the FTX scandal for nearly two years. Fundamental Impacts on TSX:FTT The FTX Token ( TSX:FTT ) has been riding the wave of this positive news, surging 11% as the distribution plan gained approval. The token, which had been stuck in a falling trend channel since the scandal broke, is now seeing renewed interest. The recent price increase has pushed TSX:FTT above key moving averages, signaling bullish momentum. The Relative Strength Index (RSI) for TSX:FTT currently stands at 69.44, approaching overbought territory. This indicates strong buying pressure but also suggests that traders should be cautious of potential price corrections as it nears the overbought region. Fundamentally, the successful execution of the repayment plan could restore some faith in the FTX brand, which has been tarnished by the scandal. However, the long-term outlook for TSX:FTT remains uncertain, especially with former FTX executives facing legal consequences. Caroline Ellison, former Alameda Research CEO, was sentenced to two years in prison, while former FTX CEO Sam Bankman-Fried is serving a 25-year sentence. Technical Outlook for TSX:FTT From a technical standpoint, TSX:FTT 's recent rally has lifted the token above key moving averages, indicating a potential trend reversal after months of declines. However, traders should keep an eye on the RSI, as the token's rapid ascent could lead to a short-term pullback. If the bullish momentum continues, TSX:FTT could break out of its long-standing downtrend, with potential upside targets being the next resistance levels. For now, traders should remain cautious and monitor key technical indicators to gauge the strength of this recovery. Conclusion The approval of FTX's reorganization plan and the subsequent repayment of $6 billion to creditors marks a turning point for the company and its community. With TSX:FTT token gaining momentum, the road to recovery seems to be underway, although risks remain. As the timeline for distribution becomes clearer and FTX continues to address legal and financial hurdles, the future of TSX:FTT will depend on the successful execution of these plans and the restoration of trust within the cryptocurrency community. For now, all eyes are on the October 7 confirmation hearing and the upcoming repayment process, as users eagerly await the long-promised distributions.
Long
by DEXWireNews
FTT/USDT Secondary trend. Wedge. Phase 3. 05 2024Logarithm. Time frame 3 days Secondary trend. A descending wedge is being formed. Its breakthrough - reversal and price growth. Maybe another decline, take it into account in risk management. Globally, and perhaps medium urgently now acceptable prices for a position set, at least the first part of it. Preferably, on the breakout of the reversal level. Stops are very short now. Linear, without slippage of the wedge formation boundary.
Long
by SpartaBTC
6
FTT - soon 9$ I was damn right. everything is exactly as I said before, it's just a perfectly worked out setup, it's not for nothing that I changed the name of the profile to trading view and made a lot of ideas about this coin, those who believed and looked at my charts were convinced of it. I will be glad if you will comment my ideas and put a like under them. I did my best. If the idea gets 100 likes, I will make a guide on where to sell and how to understand the distribution on the ftt so that you don't miss the exit point or sell too late. Last time I predicted exactly how the asset would spread and then roll, closing a 4 buck position I was holding with 1.4$. Now my target is 9 bucks. My analysis is based on numerology, cycles and the cosmos.)
Long
by FTT_TRADER369
1
Inflation Increases 2.5%, Setting Scene for Rate CutMarket Update, September 13th 2024 Takeaways Inflation stays under control: The Consumer Price Index increased 2.5% in August compared to the previous year, down from the 2.9% bump in July. The latest data indicates the Federal Reserve will likely cut interest rates by 25 basis points next week. Bankrupt crypto exchange FTX has reached a $14 million settlement with Emergent Technologies, resolving a dispute over 55 million Robinhood shares: The agreement avoids further legal action and allows Emergent to finalize its bankruptcy proceedings. US spot bitcoin ETFs have seen a streak of daily net outflows, with nearly $1.2 billion withdrawn in just eight days: The downturn coincides with broader market volatility. The North Carolina Senate has passed a bill prohibiting state participation in any Federal Reserve-sponsored CBDC testing: The bill bans payments to the state using a CBDC. It passed despite a veto by Governor Roy Cooper. 🕰️ Topic of the Week: Understanding Interest Rates 🫱 Read more here
GEMINI:BTCUSD
by Gemini
TON Toncoin the next FTX/ LUNA ?! CEO Pavel Durov Arrested ! If you haven`t bought TON before the brekout: Now the recent arrest of Telegram CEO Pavel Durov in France has sent shockwaves through the cryptocurrency world, particularly concerning the future of TON coin. Durov's arrest stems from allegations by OFIM, a French national police office, accusing him of complicity in crimes such as drug trafficking, distribution of child sexual abuse material (CSAM), and fraud due to Telegram's lack of moderation. This development raises serious concerns about TON coin's stability. Investors fear a sharp decline, drawing parallels to the collapses of FTX and LUNA, which suffered massive selloffs following high-profile scandals involving their founders. With Durov as the face of Telegram and a key figure in the TON ecosystem, his legal troubles could significantly erode confidence in the cryptocurrency. The arrest could lead to increased regulatory scrutiny of Telegram, potentially causing further issues for TON coin. In the short term, investors should brace for potential volatility, as the risk of a selloff looms large. The future of TON coin now hinges on how Durov's legal situation unfolds and whether Telegram can withstand the resulting pressures.
Short
by TopgOptions