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FTX Restructuring Plan Commences
FTX is starting its restructuring plan on January 3, 2025, after a Delaware bankruptcy court approved it. Payments to creditors will begin within 60 days, prioritizing customers with claims of $50,000 or less. FTX aims to return 119% of validated claims to about 98% of its creditors. The company has recovered between $14.7 billion and $16.5 billion through asset sales. CEO John J. Ray III is focused on making the repayment process clear and efficient for all affected customers.
FTT Demand and Market Performance
FTT, the token for the FTX exchange, is seeing strong demand in the market, highlighted by its high transaction volume. The profit-to-loss ratio for FTT transactions is an impressive 7:1, meaning far more trades are profitable than losing. This positive performance shows that traders and investors are optimistic about FTT, especially with the upcoming restructuring plan starting on January 3, 2025. The expected recovery and increased liquidity could enhance confidence in FTT's value. Overall, sentiment around FTT remains strong in the crypto market.
FTTUSD Technical Analysis and Price Movement
FTTUSD trades higher for the past one week. Any daily close above $4.35 confirms further bullishness. FTTUSD surged more than 65% after hitting a minor bottom of $2.4950. The pair holds above the short-term (34 and 55 EMA) and long-term moving averages on the 4-hour chart. The bullish invalidation can happen if the pair closes below $1. On the lower side, the near-term support is $3.25; any close below will target 2.49/2.49/2/$1.50. The pair's near-term resistance is around $4.35, and any breach above confirms minor bullishness. A jump to 4.80/\6 is possible. A surge past $7 will take it to 8/8/10.
Recommended Investment Strategy
It is advisable to buy on dips around $1 with a stop-loss around $0.60 for a target price of $1.75/$1.90.
