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FTT has risen in worth greater than 200% from its post-bankruptcy low.
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The token is 96% from its all-time excessive worth.
From the Greek fantasy “Pandora’s Field” arises the phrase “hope is the very last thing that’s misplaced”, which has been used numerous instances and in all types of contexts. The digital asset market is not any exception both.
And if not, ask the people who find themselves nonetheless shopping for FTX Token (FTT), the digital asset issued by the bankrupt firm FTX, within the hope that it is going to be resurrected.
As CriptoNoticias has reported, FTX was one of many largest bitcoin (BTC) and cryptocurrency exchanges in the marketplace that declared chapter in November 2022.
Following this, FTT worth plummeted from $26.50 to under $1.
Nonetheless, after hitting its all-time low of $0.77 in June 2023, to the shock of many, The worth of the asset rose greater than 260%. In the meantime, the commerce quantity exceeded 100 million {dollars} on January 2.
Maybe essentially the most curious factor is that, after the chapter of the change, the token lacks any usefulness, however many merchants proceed to purchase it as a guess, within the hope that it’ll resurrect from the darkest, or, somewhat, from its lowest costs. .
In reality, CoinMarketCap warns: “The FTT token now not has any use and might be liquidated by the property to pay collectors. “Proceed with warning.”
On this context, some merchants shared their predictions for FTT and They even challenge costs above $20 within the quick time period.
The dealer identified on
To justify his evaluation, he shares the graph the place the determine of a pennant is fashioned within the FTT worth.
It’s a technical evaluation indicator that predicts sturdy bullish actions of an assetone thing that, a priori, appears troublesome to occur with FTT.
For Javon Marks, a monetary market analyst identified at X, The token might expertise a restoration and attain $20, a stage that has not been seen for the reason that change was operational.
From these analyzes the query arises: do they actually know what FTT is or are they betting on a miraculous rise in costs?
By the way in which, on October 13, 2023, Paulo Márquez, a CriptoNoticias journalist, referred to FTT purchases and defined that there’s a class of merchants who reveals property from the depths. “They commerce tokens which were useless for months, if not years, in deserted, illiquid sinks,” he commented, whereas investigating the behaviors that drive these purchases.
What motivates FTT purchases?
In latest days, it was reported that FTX EU, the European department of the defunct change, was acquired by Backpack Trade. In accordance with the announcement, the agency will likely be chargeable for managing the distribution of claims arising from the chapter.
Armani Ferrante, CEO of Backpack Trade, acknowledged: “Restitution to prospects is an important step in rebuilding belief within the trade, and Backpack is dedicated to returning FTX EU buyer funds as shortly and safely as potential.” .
Maybe it’s this kind of information that arouses curiosity and motivates merchants to make a guess and purchase FTT.
Within the beforehand talked about article, Márquez introduced some causes that might encourage buyers to lean in the direction of this kind of property.
One in every of them is the chance {that a} group of individuals is implementing the “pump and dump”, a market manipulation scheme to extend the value of an asset after which promote it en masse. Though it isn’t a typical apply, there are circumstances resembling that of LOOM, whose worth in 2023 would have been manipulated on Upbit, a Korean change.
Nor ought to we rule out these buyers who purchased the asset throughout its growth and are actually lamenting the unrealized positive factors. They’re those that should not but able to assuming the losses and might make these purchases to implement the technique dollar-cost averaging (DCA).
The strategy consists of creating a recurring buy plan, of the identical quantity, in a beforehand outlined time period. All this, whatever the worth of the acquisitions.
The reality is that past any sort of hypothesis concerning the conduct and motivations of merchants, it’s clear, as soon as once more, that hope is the very last thing that’s misplaced.
