Key Takeaways
FTX founder Sam Bankman-Fried’s downfall reached its climax on March 28, 2024, when U.S. District Judge Lewis Kaplan sentenced him to 25 years in prison.
The 32-year-old was convicted in November 2023 for orchestrating one of the most significant frauds in American history.
The disgraced former billionaire says he will challenge both conviction and his sentence.
Caroline Ellison, a former executive at Alameda Research, was sentenced to two years in prison and ordered to forfeit $11 billion for her role in the FTX fraud. Despite her extensive cooperation with prosecutors, which led to Sam Bankman-Fried’s conviction, Judge Lewis Kaplan imposed a prison sentence.
Ellison’s lawyers had argued for leniency, citing her cooperation as a mitigating factor. However, Judge Kaplan said the fraud was one of the most significant financial crimes ever committed.
Ellison’s sentencing is likely to set a precedent for the other two key cooperators in the case, Gary Wang and Nishad Singh.
Ryan Salame, one of four high-ranking former FTX managers who pleaded guilty to federal criminal charges following the company’s collapse in late 2022, has been sentenced to seven-and-a-half years in prison. Along with Caroline Ellison, Nishad Singh, and Gary Wang, Salame faced charges but chose not to testify against Sam Bankman-Fried.
Salame joined Alameda Research, an affiliated hedge fund of FTX, in 2019 before becoming co-chief executive of FTX’s Bahamian affiliate. He served as a straw donor, channeling over $100 million into US political campaigns, mainly before the 2022 midterm elections. These contributions, funded by transfers from an Alameda subsidiary which Salame admitted he had no intention of repaying, were intended to help Bankman-Fried gain political influence.
Meanwhile, the people who are owed money by the stricken exchange are still waiting for a court to approve a repayment plan. A hearing is scheduled for October 7, but repayments could take years even if the plan gets the green light.
On Sept. 30, 2024, FTX’s FTT token was worth about $2.10.
Let’s now take a look at our FTX Token price prediction. We’ll also examine FTX Token’s price history and explain what FTX Token is and what it does.
Let’s examine the FTT predictions made by CCN on Sept. 30, 2024. It is crucial to remember that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate.
We will use the wave count to calculate our FTT price predictions. We will add and subtract 20% from the final target to arrive at our minimum and maximum FTT price predictions.
Minimum FTT Price Prediction | Average FTT Price Prediction | Maximum FTT Price Prediction | |
---|---|---|---|
2024 | $3.01 | $3.77 | $4.52 |
2025 | $1.08 | $1.35 | $1.62 |
2030 | $8.80 | $11 | $13.22 |
After the FTX crash in November 2022, the FTT price began a five-wave upward movement, ending with a high of $6.06 on Dec 10.
Then, FTT fell in a W-X-Y corrective structure. The correction ended in July 2024, and FTT has now started an upward movement.
If both upward movements have the same length, the price of FTT will reach a high of $6.08, possibly in December.
After that, FTT could begin a lengthy correction.
During these projected upward and downward movements, the wave count method leads to price predictions of $3.77 and $1.35 for the end of 2024 and 2025, respectively.
Using the daily rate of increase for the past two years, we can predict the FTT price at the end of 2030.
FTT has increased by 90% in the past 373 days. Projecting this increase until the end of 2030 leads to a FTT target of $11 at the end of 2030.
The wave count method gives an FTT price prediction target of $3.01 to $4.52 for the end of 2024.
The wave count method gives an FTT price prediction target of $1.08 to $1.62 for the end of 2025.
Using the daily rate of increase for the past two years, we arrive at an FTT price prediction target of $8.80 to $13.20 by the end of 2030.
The daily time frame FTT price analysis shows a breakout from a descending resistance trend line and reclaimed of the $1.60 horizontal resistance area.
On Sept. 29, FTT created a large bullish candlestick before falling slightly, leaving a long upper wick in its wake.
Despite the wick, FTT trades above the $1.60 horizontal area, which is expected to provide support.
So, an increase toward $3.52 is the most likely outlook for the FTT price.
The FTT price prediction for the next 24 hours hinges on an increase toward the $3.52 horizontal and Fibonacci resistance area.
While FTT created a long upper wick on Sept. 29, it could regain its footing soon and move toward $3.52.
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.
A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels. On Sept. 30, 2024, FTX Token’s ATR was 0.02, suggesting low volatility.
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
Current Price | One Year Ago | Price Change | |
FTX Token | $2.10 | $1.13 | +85.8% |
Terra Classic | $0.000096 | $0.00006362 | +50.8% |
Fantom | $0.70 | $0.2016 | +247.22% |
Polygon | $0.4095 | $0.5365 | -23.6% |
We looked at the FTX token’s price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, suggesting the best times to buy FTT.
Day of the Week | Wednesday |
Week | 3 |
Month | January |
Quarter | First |
Let’s examine FTX Token’s price history more closely . While past performance isn’t necessarily indicative of future results, understanding what FTX Token has done can help us contextualize future predictions.
Time Period | FTX Token Price |
---|---|
Last week (Sept. 23, 2024) | $1.37 |
Last month (Aug. 30, 2024) | $1.33 |
Three months ago (June 30, 2024) | $1.43 |
One year ago (Sept. 30, 2023) | $1.13 |
Five years ago (Sept. 30, 2019) | $1.29 |
Launch price (Aug. 1, 2019) | $1.72 |
All-time high (Sept. 9, 2021) | $85.02 |
All-time low (June 10, 2023) | $0.7763 |
The market capitalization, or market cap, is the sum of the total FTT in circulation multiplied by its price.
On Sept. 30, 2024, FTX Token’s market cap was about $692.5 million, making it the 97th-largest crypto by that metric.
On Sept. 30, 2024, one wallet held more than 50% of the supply of FTT.
As of Sept. 30, 2024, the five wallets with the most FTX Tokens were:
Supply and distribution | Figures |
---|---|
Total supply | 328,895,104 |
Circulating supply (as of Sept. 30, 2024) | 328,895,104 (100% of total supply) |
Holder distribution | The top 10 holders own 87.61% of the maximum supply (as of Sept. 30 2024) |
FTX’s whitepaper claims FTT would be subject to a burning program and could be used as collateral for trading positions.
It said: “FTT is the backbone of the FTX ecosystem. We have carefully designed incentive schemes to increase network effects and demand for FTT and to decrease its circulating supply.”
Before it collapsed in November 2022, FTX was the second-largest cryptocurrency exchange in the world.
It allowed people to trade in crypto and crypto futures. It promised enough features for experienced crypto traders but still accessible enough for newcomers.
Founded by disgraced former billionaire Bankman-Fried in 2019, the platform has garnered support from various celebrities, including American Football legend Tom Brady and U.S. comedian Larry David.
Its native token, FTT, supported the FTX exchange.
Once FTX declared bankruptcy, FTT lost its entire purpose and became a de facto store of value.
The FTX Token was first used to pay fees on the FTX crypto exchange, but now, it is a store of value.
It is unclear what its role will be if FTX is resurrected.
It is hard to tell. On one hand, FTT does not do anything right now. As the native token of a moribund crypto exchange, it serves little of its original purpose. Not only that, but it has not recovered from its devastating collapse in 2022.
On the other hand, there is always the potential for a new FTX. While the revamped platform must deal with a pretty toxic brand, it could have some potential.
It also remains unclear how Salame’s sentence and the upcoming process updates for other executives may affect the token’s price.
As always with crypto, you should do your research before deciding whether or not to invest in FTT.
No one can tell right now. While the FTX Token crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Also, remember that prices can and do go down and up.
Before you decide whether or not to invest in FTX Token, you will have to do your research, not only on FTT but on other related coins and tokens such as Binance (BNB) or Cronos (CRO). Either way, you must also ensure you never invest more money than you can afford to lose.
Technical analysis by Valdrin Tahiri.
It might do. Price predictions based on technical analysis say it will get there in 2030.
Remember that FTT has not traded over $10 since Nov. 8, 2022. This was when Binance pulled out of a rescue deal for the FTX exchange, which led to the platform declaring bankruptcy the following day.
It is a native token used for the now-defunct FTX Exchange. Currently, it is just used for price speculation.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.