Now is a good time to invest in the FTX Token and here is why

FTX launches a new, unique futures product

On June 29, it was reported that National Football League quarterback Tom Brady and his wife Gisele Bundchen took an undisclosed equity stake in the FTX Trading platform. 

Brady will also become an FTX ambassador and Bundchen will be an environmental and social initiatives adviser. 

That same day, The Founder and CEO Sam Bankman-Fried joined CNBC’s “Power Lunch” to discuss the exchange’s trading volume and the regulation that could be coming to the industry.

He disclosed that the platform oversees $10 to $15 billion worth of volume that are split between different cryptocurrencies.

The FTX Exchange strategy

Given the fact that the FTX token FTT/USD goes by the ticker of FTT and is the exchange token that is issued by the FTX exchange and powers the ecosystem, we can see its demand and value go up as a result.

Both of these things contribute to national headline and media attention to the FTX Exchange, and the popularity will surely bump up the exchange’s usage, where the FTT token will go up in value as a result of the increased demand.

On July 1, FTX advanced to the 3rd spot when it comes to exchange size, making it one of the top three biggest exchanges in the world right now, right under Binance and Coinbase. 

On this day, we also saw an announcement where FTX would give crypto pricing to Pyth for integrating into the network. Pyth is a data distribution platform as well as the DeFi market which is designed to get real-world data on a sub-second timescale. Should you invest in FTX Token (FTT)? 

On June 2, FTT, the ticker for the FTX Token, was valued at $25.

If we look at the entirety of June, the FTT token went as high as $36 on June 5, and fell as low as $22 on June 26.

This gives us a perspective on how far the token has managed to rise in value as of recently and gives us a clear perspective as to what we can expect.

With the added mainstream media attention, as well as its increased usage and multi-billion-dollar trading volume, we can expect the price of FTT to increase to $35 in the coming weeks or months.

That being said, at the $25 price range, it is a worthwhile investment. 

Note that this is only the beginning, and it is quite possible that Sam Bankman-Fried has more plans than just the ones with Tom Brady and Gisele Bundchen, which will inevitably make the price go even higher by the end of 2021. 

This might be the perfect opportunity to invest in the FTT token when looking at the long-term growth of the token.

The post Now is a good time to invest in the FTX Token and here is why appeared first on Invezz.

Publication date: 
07/02/2021 - 16:06
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.