The cryptocurrency market witnessed a notable spike in FTX Token (FTT) today, surging by over 15% in the last 24 hours. This rally comes amid growing speculation that the bankrupt crypto exchange, FTX, may soon begin repaying its creditors.
Speculation
A widely followed crypto influencer, @CryptoRover, sparked the buzz with a tweet claiming that FTX is set to begin its $16 billion repayment process as soon as tomorrow, Monday. According to @CryptoRover, this repayment would mark a significant milestone in the aftermath of FTX's collapse.
No Official Confirmation
However, it’s important to note that there has been no official confirmation from the FTX team regarding this repayment start date. Many users on social media questioned the accuracy of this rumor, with one commenting: “This is not true! Show me the source!”
Breakout from Falling Wedge Pattern
Meanwhile, today’s rally also confirmed a breakout from a falling wedge pattern on the 3-day timeframe chart, as shared by CryptoFaibik. The technical analyst highlighted an upside target of $4.0 for FTT, which represents a potential 188% gain from its current price of $1.63. This breakout signals strong bullish momentum in the market for FTT.
FTX, once a top crypto exchange, filed for bankruptcy in November 2022 following revelations of a massive fraud orchestrated by its former CEO, Sam Bankman-Fried. The scandal shocked the crypto world and left thousands of creditors in financial uncertainty as they waited for potential repayment. While speculations are fueling FTT's price rise, it’s crucial for investors to exercise caution, as no official news has confirmed these repayment rumors.
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