After FTX’s bankruptcy, its native token, FTT, has been struggling and trading below the major below $2.00. However, its prices have surged over 18.37% in the past few hours, reaching $2.04.
The price spike also fueled FTT’s trading volume, as it reached $3.295 million until publishing. Its price has created a positive sentiment; in the past 30 days, it has grown over 64%, and when writing trading above 20, 50, 100, and 200 days EMA.
Before the bankruptcy of FTX in 2022 end, it was once the second-largest centralized exchange, and Forbes once identified its founder, Sam Bankman Fried, as one of the leading young crypto millionaires.
The FTT token community sentiment chart shows 61% bullish sentiment and the remaining 39% bearish sentiment. Market observers argue that the re-appealing from the attorney of Nishad Singh has solely supported the recent spike in the trading price of FTT.
In the past 24 hours, the volume of FTT grew over 250%, reaching $91.78M, and market capitalization reached $689.90M, surging 15.69% in the same time frame. Ongoing bullish price momentum implies that spot buyers are collecting FTT at key support zones, which might push prices to 52-week new highs in the coming weeks.
The nearest visible resistance of FTT is $2.6921, followed by $3.1112, and if buyers fail to maintain their momentum, the prices might fall at the support of $1.3351, followed by $0.9160.
Nishad Singh’s Re Appeal Has Fueled FTT Price Growth!
Citing the documents, Bloomberg reported that lawyers representing Nishad Singh, the former engineering head of FTX, filed a memo to the judge that he deserved a lighter sentence due to claims that Singh has limited involvement in the exchange collapse “the exemplary life he is committed to leading.”
The representative attorney argued that Singh’s cooperation in the investigation and commitment to rebuilding his life are enough grounds to pardon him. He is among the major accused behind the collapse of FTX.
In the filing, lawyers described Nishad as an “uncommonly selfless individual” and attached hundreds of letters from family, friends, and colleagues testifying to his character.
The attorney quotes, “His personal history and characteristics, his role in the charged offenses, the speed with which he cooperated, his response to the collapse of FTX, and how he has rebuilt his life since then.”
As per experts, the appeal from Nishad’s defending lawyers has sparked a debate over his release or reduction in sentence. The concerned court will announce its judgment of the jail term for Singh on October 30, and the final verdict of the sentence on Gary Wang will be on November 20.
The prime accused of FTX, its founder, was sentenced to 25 years in prison, three years of supervised release, and $11 billion in forfeiture. Another former member of FTX, Caroline Ellison, was also identified as Sam’s girlfriend, and she has been jailed for two years for her role in the FTX collapse.
