The FTX Token (FTT/USD) price has made a strong recovery from its lowest level this month. The coin is trading at $38.12, which was about 22% above the lowest level during the weekend. This rebound brings its total market capitalization to over $5.2 billion, making it the 29th biggest cryptocurrency in the world.
FTX U.S new fundraising
FTX has grown from a relatively small cryptocurrency exchange into one of the biggest firms in the world. A few months ago, the Sam Bankman-founded company, raised capital at a $25 billion.
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In a statement today, FTX US said that it had raised $400 million from a group of investors led by SoftBank. Other participants in the round are Ontario Teachers Pension Board and Temasek.
FTX US differs from the main FTX product in a number of ways. The product was started mostly because of regulatory reasons.
For one, the main derivative products offered by FXT are illegal in the US. therefore, FTX US is similar to Binance US because it mainly offers generic products that allow people to buy and sell cryptocurrencies. It started trading in 2020 and is one of the biggest cryptocurrency platforms in the world.
FTX US offers additional services. For example, it offers an FTX Card that people can use to buy products online and in store. It also offers FTX Pay, Over-the-Counter (OTC) trading, and a derivatives exchange.
The FTX Token is a digital token that is used to incentivize people to buy and sell cryptocurrencies using its platform. Users are able to get discounts when they are using the coin. Users can also stake the coin and earn interest. Periodically, the developers buy and burns the FTT token in a bid to reduce the supply.
However, because of regulations, the FTX Token is not offered in the United States.
FTX Token price analysis
The four-hour chart shows that the FTX Token price has been in a strong bearish trend in the past few weeks. It dropped by about 45% from its highest level in 2021. This decline is mostly because of the ongoing fears about the Federal Reserve and other central banks that have embraced a relatively hawkish stance in the past few months.
Therefore, while the rebound of the FTT token is welcome, there is a likelihood that the price will have a short pullback after the Fed decision.
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