FTT price forecast: will FTX token go back up in value or is it doomed?

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on Nov 9, 2022
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  • FTX’s value crashed by 84% in the last 24 hours.
  • Binance has agreed to buy the FTX cryptocurrency exchange.
  • FTX.US will remain independent from Binance, as the deal only affects the global exchange.

FTX Token (FTT/USD) is the native cryptocurrency used across the FTX exchange and is a utility token that allows users to get discounts.

FTX is a cryptocurrency exchange that offers numerous products, such as derivatives, options, volatility products, and leveraged tokens, and is powered by the FTX token.

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Uncertainty for FTX’s future after Binance’s acquisition

In the latest FTX token news, Binance, the world’s largest cryptocurrency exchange when looked upon from the perspective of its volume, has agreed to purchase one of its main competitors, FTX.

Binance’s CEO, Changpeng “CZ” Zhao, confirmed the deal on Twitter, saying that the two exchanges signed a non-binding letter of intent. 

FTT is the native cryptocurrency behind the FTX exchange and lost most of its value after the plans were announced by Binance to acquire the company.

We covered the violent reaction to the news. However, Sam Bankman-Fried says FTX being acquired by Binance puts the cryptocurrency exchange in good hands.

“We expect FTT to be highly volatile in the coming days as things develop,” said Zhao in his tweet.

This acquisition only affects the non-US business of FTX, where FTX.US will remain independent of Binance. 

There were also leaked financial statements surrounding Alameda Research, showcasing that the majority of Alameda’s assets were illiquid or locked altcoins, many of which Sam Bankman-Fried had a stake in, including FTX Token (FTT), Solana (SOL/USD), and Serum (SRM/USD). 

Note that SRM is the cryptocurrency from the decentralized exchange that was co-founded by Bankman-Fried. We also went over CNBC’s “Mad Money” host Jim Cramer’s perspective on this development. 

Should you buy FTX Token (FTT)? 

On November 9, 2022, FTX Token (FTT) had a value of $4.137.

FTT/USD Chart by Tradingview.

The all-time high of the FTX Token (FTT) cryptocurrency was on September 9, 2021, at a point in them that it reached a value of $84.18. At its ATH, the cryptocurrency was $80.043 higher in value, or 1,935% higher.

The 7-day performance surrounding FTX Token (FTT) indicates that the l high point was at $25.78, while the low point was at $4.01. Here we can see a decrease of $21.77 or 85%.

Going over the 24-hour performance, the cryptocurrency saw its high point at $19.24, while the low point was at $3.12. This indicates a $16.12 decrease or 84%.

We can also see some recovery, as from $3.12, the token increased again to $4.137, a $1.017 increase, or 32%. 

Buying FTT might not be the best option in the short term. Long-term, the cryptocurrency could recover. 

This bearish outlook can be the result of panic-selling, and once the market stabilizes, FTT can bring its value back up to $10 by the end of November 2022 and, throughout the next few months, work its way back up to even $20.