FTX’s FTT Price Skyrockets 20%: Here’s Why the Rally Has Just Begun

FTX’s FTT Price Skyrockets 20%: Here’s Why the Rally Has Just Begun

The FTT price has been challenging gravity and the overall trend in the crypto market for the past two weeks. A recent report hints at a potential bullish continuation based on this scenario and to the benefit of the FTX creditors.

As of this writing, the FTT price trades at $1.20, with sideways movement in the last 24 hours. The token recorded a 19% profit in the previous two weeks, while the last 30 days show a 15% increase. In the meantime, major cryptocurrencies have seen half of this price action over the same period.

FTT Price On The Verge Of Massive Rally?

The surge in the FTT price is supported by the current negotiations between Artificial Intelligence (AI) company Anthropic and the big tech sector. As our sister website Bitcoinist reported, the company received a $1.5 billion capital injection from Amazon.

The big tech giant committed to increasing their investment by up to $4 billion via Amazon Web Services (AWS). The partners will work to develop AI solutions to compete with Google, Microsoft, Nvidia, and others.

The AI company received support from failed crypto exchange FTX before its collapse in 2022. In that sense, if Anthropic can secure support from other big tech companies, the initial investment made by FTX will increase, allowing the new management to count on more assets and potentially repay creditors.

A recent report from the Information claims that Anthropic is exploring further partnerships following its Amazon deal. The OpenAI competitor could receive support from Google. The big tech giant already bought a 10% stake in the startup at the same time as FTX.

If this deal materializes, the company could increase its valuation from $4 billion to over $20 to $30 billion. Thus, FTX’s initial investment will increase by a significant amount.

The negotiations between Anthropic and its potential partners have directly impacted the FTT price. The current manager has publicly emphasized his intention to re-launch the trading venue to repay its creditors.

A successful sale of their stake in Anthropic could benefit FTX’s current management and give them enough capital to succeed. If this scenario materializes, the company’s native token is bound to extend its recent run and could potentially reclaim previously lost territory.

The FTT price reached an all-time high above $60, meaning it has much room to grow if the company relaunches. Any news related to Anthropic or an FTX’s relaunch will positively affect the token.

Cover image from Unsplash, chart from Tradingview

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