FTX Token Surges as Exchange Announces Creditors Repayment Date

• The FTX token showed significant price surges in the past day after recent downfall.
• Its daily trading volume surged by 84.02% as per CMC data.

The cryptocurrency market is on the road to recovery after the recent market crash. However, the same cannot be said about the overall sector. The SEC has made several announcements in the past day regarding its Crypto Task Force. On the other hand, while most altcoins have shown mild increases the FTX token surged significantly.

Notably, the price surge resulted from the exchange’s recent update on creditors’ repayment. In the past 24 hours, the FTX exchange announced on its X account that the FTX Recovery Trust will begin distributions on the 18th of this month. These distributions are to be made for creditors who have completed the pre-distribution requirements.

In the last 24 hours, the FTX token has factored in a 14.22% surge factoring in the recent announcement. In the afternoon hours of February 4, the altcoin was trading at a low of $1.78. However, due to the significant propellant, it has currently reached the $2 level. At the time of writing, $FTT was trading at $2.0650 as per CMC data.

Moreover, FTX also tested an intra-day high of $2.14. Monday’s market crash caused FTX token to crash to the $1.5 level. Thus, the recent bounce back has caused bullish signs across community members. Zooming out, onto its weekly chart, it shows a modest price increase due to the recent fluctuations.

Will FTX Token Surge in the Coming Days?

On analyzing its technical indicators, FTX token shows potential for price increases. Its short-term bull power indicator value is 1.7223. However, its short-term bear power indicator value is -0.22.

Its long-term bear power indicator stands at -6.71. This shows that FTX token holds an opportunity to overpower the bears if it utilizes the current positive momentum. On the other hand, its RSI value stands at 45.12 as per TradingView data. This reflects the overall bearish sentiment in the market.

Meanwhile, the FTX exchange has been working towards creditors’ repayment over the past year. Finally, the past day saw Crypto Czar David Sacks make positive Bitcoin comments.

Highlighted Crypto News Today:

Ohio Pushes Ahead with Bitcoin Reserve Fund Legislation