FTX and Ongoing Customer Repayments

FTX’s collapse in 2022, which played a significant role in Bitcoin dropping to $15,000 at the time, still looms large over the crypto industry. While the exchange continues repayments to its affected customers, SBF’s sudden reappearance caught investors off guard.

Analysts warn that such abrupt moves can have major effects on investor psychology and market volatility. Tokens like FTT, which once held significant value, can experience sharp price swings driven by news or social media activity.

SBF’s Tweet and the Crypto-Twitter Reaction

SBF’s “gm” tweet quickly went viral across the crypto community. However, a clarification soon appeared below the post:

“This was not posted by SBF himself. As a friend, I shared it on his behalf.”

This revelation left uncertainty over whether SBF had personally intended the message. Regardless, the tweet generated massive engagement and became a hot topic on Crypto-Twitter.

Sudden Price Surge and Volume Spike in FTT

Following SBF’s tweet, the FTT token rose more than 30%, briefly surpassing $1. Additionally, trading volume jumped significantly, climbing from around $10 million to $60 million.

Analysts note that FTT continues to attract attention from some investors due to the exchange’s bankruptcy process and ongoing repayment periods. Despite past trust issues, crypto investors are closely monitoring the token’s price movements.

SBF’s Past and Legal Status

Sam Bankman-Fried was convicted of fraud and misappropriating billions of dollars in customer funds, receiving a 25-year prison sentence. In earlier interviews from a New York prison, he stated that he did not have internet access. This has fueled debate over who actually posted the tweet from SBF’s X account.

Even a simple tweet from SBF caused a sudden spike in FTT’s price, highlighting once again the powerful influence of social media in the crypto market. For crypto investors, any news from major exchanges, past or present, can create sudden opportunities—or risks.

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What is Binance Vote to Delist?

Binance has introduced a new community governance mechanism to give users more influence in the platform’s decision-making processes. Through the “Vote to List” and “Vote to Delist” systems, the exchange aims to increase community involvement in the listing lifecycle of projects.

As part of its effort to promote transparency and user participation in listing decisions, Binance announced that users can now vote for the projects they want to see listed on the platform through the “Vote to List” feature. At the same time, with the “Vote to Delist” mechanism, users can also vote to remove projects that may no longer meet Binance’s standards.

How Does the System Work and Which Altcoins Are on the List?

Each user can vote for up to 5 different projects in the voting pool. However, each user can only cast one vote per project. To ensure votes are valid, users must be logged in to their verified Binance account and must hold at least 0.01 BNB in their main wallet throughout the entire voting period.

Projects currently up for voting include:
$ZEC, $JASMY, $FTT, $STPT, $ARK, $ARDR, $GPS, $MBL, $PERP, $NKN, $WING, $LTO, $FLM, $BSW, $ALPACA, $VOXEL, $PDA

Voting period: 2025-04-10 04:00 (UTC) to 2025-04-16 23:59 (UTC)

While Binance highly values community input through voting, final delisting decisions will not be based solely on the vote results. Project performance and compliance will continue to be assessed under Binance’s comprehensive evaluation process. The timeline for any delisting decision will follow Binance’s internal procedures.

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Bitcoin (BTC) Key Intraday Levels

The BTC/USD pair has gained 0.87% in the last 24 hours and is currently trading at $98,688. Bitcoin (BTC) broke through the $98,504 resistance level, making a strong upward move. If the rally continues, the next major resistance level is $101,545. On the downside, the $98,504 level now acts as the first support, while a deeper pullback could see BTC testing the $91,221 support level.

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Ethereum (ETH): The ETH/USDT pair has gained 2.30% in the last 24 hours and is currently trading at $2,847. The first key resistance level stands at $2,877, followed by $2,930 if the uptrend continues. In case of a decline, support can be found at $2,724, with a deeper drop potentially testing $2,366.

FTX Token (FTT): The FTT/USDT pair has surged 8.19% in the last 24 hours and is now trading at $2.1498. The first major resistance level is at $2.2388, and if bullish momentum persists, $2.3313 could be the next target. On the downside, initial support is at $2.0205, while further selling pressure could push the price down to $1.8059.

Internet Computer (ICP): The ICP/USDT pair has lost 0.07% in the last 24 hours, currently trading at $7.132. Resistance levels are identified at $7.314, followed by a higher resistance at $7.783. If the price declines, support is expected at $6.885, with a further drop potentially reaching $6.114.

Bitcoin Cash (BCH): The BCH/USDT pair has lost 0.08% in the last 24 hours and is currently priced at $333.2. The first resistance level is at $338, with $355.1 as the next key target if bullish momentum increases. Support levels are found at $323.4, and a deeper correction could push the price down to $304.2.

Trending Coins in the Market

Over the past 24 hours, the most trending coins in the crypto market include Elon4AfD (ELON4AFD), Ondo (ONDO), and Hyperliquid (HYPE).

The top gainers of the day are The Grays Currency (PTGC), MEOW (MEOW), and BTSE Token (BTSE). On the other hand, the biggest losers are Fartcoin (FARTCOIN), Plume (PLUME), and ai16z (AI16Z).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, the most notable liquidation level on the upside is at $99,101, with $26.58 million in liquidations. On the downside, there is also a significant liquidation level at $97,145, totaling $26.58 million in liquidations.

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The post The Latest on Bitcoin and Cryptocurrencies: 6 February appeared first on Coin Engineer.

Two of the sources stated interested buyers must submit their offers for the WLD token sale by 8 PM ET Wednesday; should their bids be accepted, those parties will be informed by Thursday. The two individuals stated the discount on the WLD tokens might vary from 40% to 75% off the current spot market price of WLD, which is trading at roughly $1.69.

The FTX estate has 22.3 million WLD tokens overall, suggesting from the two sources that there won’t be any more auctions for these tokens.

Daily unlocking of the WLD tokens will occur through 2028. Specifically, 13,689 WLD tokens would unlock daily from July 25, 2026, to July 24, 2028; 20,539 WLD tokens will open daily from Dec. 1, 2024, to July 24, 2026, the two sources said.

One of the three sources, together with a separate fourth source, voiced worries regarding the WLD token lockdown period length.

Figure Markets co-founder and CEO Mike Cagney mentioned on X earlier this week that the FTX estate is auctioning its WLD token position, noting it may be discounted roughly 75%. The WLD tokens will unlock daily till 2028, he said. Like the company did for the FTX estate’s Solana auction earlier this year, Cagney also suggested Figure Markets might create a fund to take part in the WLD token sale.

Previously selling SOL and Metaplex (MPLX) tokens, the FTX estate then progressed to WLD. Attracting interest from well-known investors, including Pantera Capital, the FTX estate closed the auction of its $7.5 billion hoard of discounted Solana tokens in May. Originally owned by the FTX estate, multiple crypto funds—including Pantera Capital and ParaFi Capital—bought 62.6 million MPLX tokens from Wave Digital Assets last month.

Based on Arkham data, the FTX estate looks to have sold most of its tokens and currently boasts roughly $594 million in residual assets. But approximately $541 million of these assets—part of which are FTX’s FTT token—are highly illiquid and might not be traded as the estate pegged it to zero.

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The post FTX Plans Worldcoin Token Sale at 75% Discount appeared first on Coin Engineer.

On September 29, FTT saw a sharp increase of over 70%, reaching a multimonth high of $2.70, its highest level since March 2024, according to CoinGecko. The token, which had been trading around $1.40 for the past month, saw a dramatic rise in daily returns before dropping back to approximately $2.10 by September 30, still marking a 30% gain over the previous 24 hours.

Speculation Fuels FTT’s Surge The rally in FTT’s price followed widespread social media rumors suggesting that the FTX bankruptcy estate might begin distributing funds to creditors and customers on September 30.

However, official documents from the Chapter 11 bankruptcy filing reveal that the distribution plan has not yet been approved. A court hearing is scheduled for October 7 to determine whether the plan will move forward.

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If approved, the bankruptcy trustee is expected to start paying creditors with claims under $50,000 by the end of 2024, while those with larger claims may need to wait until the first or second quarter of 2025 for payouts.

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The post FTX Token Soars 70% Amid Speculation of Bankruptcy Payouts appeared first on Coin Engineer.

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However, things are getting more complicated for FTX. According to Reuters, FTX has decided to abandon its plans to relaunch its platform due to the lack of a buyer. This decision significantly reduces the likelihood of the exchange being able to resume operations and leads to more uncertainty in the cryptocurrency sector.

As of the time of this writing, FTX exchange’s native token, FTT, is trading at around $2.75.

The decision of FTX not to relaunch its platform is a major blow to the cryptocurrency industry. FTX was one of the largest cryptocurrency exchanges in the world, and its closure will leave a void in the market.

The lack of a buyer for the exchange is also a sign of the tough times that the cryptocurrency industry is currently facing. Many cryptocurrency exchanges are struggling to remain profitable, and the collapse of FTX is a reminder that even the largest exchanges are not immune to risk.

It remains to be seen what the long-term impact of FTX’s closure will be on the cryptocurrency industry. However, it is clear that this is a major setback for the industry and will likely lead to further uncertainty and volatility in the market.

The post FTX Exchange Will Not Be Relaunched! appeared first on Coin Engineer.