In a surprising turn of events, FTX token FTT has seen a skyrocketing rise after Sam Bankman-Fried’s social media return.
The token linked to the now-defunct cryptocurrency exchange FTX, briefly surged by more than 30% after SBF’s X post. Following months of legal and financial turmoil surrounding the collapse of FTX, Bankman-Fried’s return to the public eye sparked a resurgence of interest in and market activity for the token.
At the press time, the token is trading at $1.67. Earlier in the trading day the token had touched the $2.11 level, marking a 30% rise.
FTT’s 30% Rise Could Soon Start Diminishing
Although FTT’s value has been negatively harmed by FTX’s bankruptcy and the ensuing legal disputes, his internet presence appears to have stimulated speculative trading and market excitement. This spike illustrates how prominent people can still have an impact on investor mood even in the wake of a significant exchange going down.
But given how erratic the bitcoin market is and the current legal troubles with Bankman-Fried, it’s possible that the spike won’t last long. Given the uncertainty surrounding the long-term prospects of FTT and the standing of FTX, investors should exercise caution.
SBF Tweets After 2 Years: Phone During Jail Time?
SBF’s tweet after two years has made many wonder if the FTX founder is using internet, and his phone or if its is someone else using the account.
In his X post, SBF has explained the plight of layoffs and how it is very difficult to handle situations like this. He writes, “I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days. And I can confirm that being unemployed is a lot less relaxing than it looks.”
He continued talking about the challenges of terminating workers, stating that it’s “one of the hardest things to do” and that layoffs frequently occur even in cases where it’s “not the employee’s fault.”
Bankman-Fried is serving a 25-year sentence for fraud and conspiracy at the Brooklyn Metropolitan Detention Center. Due to the facility’s strict security, his apparent ability to post online has raised questions about whether he has unauthorized access to a device or if someone else is posting on his behalf.
SBF’s Social Media Ban
The founder of the now-defunct FTX exchange, Sam Bankman-Fried, recently had his social media accounts suspended due to his contentious tweets.
Debates and concerns were raised by Bankman-Fried’s online behavior after his detention and legal issues involving FTX’s insolvency. His actions during the collapse of exchange sparked a lot of media interest and conjecture due to his social media presence, particularly after he returned to X (formerly Twitter).
His accounts were suspended in an apparent effort to curtail his power and make sure he doesn’t further sabotage court cases or market stability.
Bankman-Fried’s social media activity is a controversial topic due to ongoing investigations and his involvement in legal conflicts; many are advocating for stricter rules on the online conduct of individuals facing significant accusations in the cryptocurrency industry.
FTT Technical Indicators: What Do They Say?
The present sentiment for FTT is bearish despite the 30% rise. The token’s Fear & Greed Index is at 25 (Extreme Fear) and over the previous 30 days, the FTX Token had 12 out of 30 (40%) green days and 5.98% price volatility.
With eight technical analysis indicators indicating optimistic signals and twenty-three indicating negative signs, the overall sentiment for the price prognosis of the FTX token is pessimistic.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The FTT market is currently in a neutral condition, as shown by the RSI figure of 33.10.
Also Read: FTX Sets Early 2025 Timeline For Customer Distributions & FTT Token Surges 30%