FTT Restructuring Plan Commences

FTX is starting its restructuring plan on January 3, 2025, after a Delaware bankruptcy court approved it. Payments to creditors will begin within 60 days, prioritizing customers with claims of $50,000 or less.

Bankrupt crypto exchange FTX will begin paying back creditors on January 3, 2025, following approval of its restructuring plan by a Delaware bankruptcy court.

Payments will be prioritized for customers with claims of $50,000 or less, and the company aims to return 119% of validated claims to about 98% of its creditors.

FTX has recovered between $14.7 billion and $16.5 billion through asset sales, and CEO John J. Ray III is focused on making the repayment process clear and efficient for all affected customers.

In the crypto market, FTT, the token for FTX, is seeing strong demand, evident in its high transaction volume and a 7:1 profit-to-loss ratio for FTT transactions.

This positive performance shows that traders and investors are optimistic about FTT, especially with the upcoming restructuring plan.

The expected recovery and increased liquidity could enhance confidence in FTT's value.

Overall, sentiment around FTT is positive in the crypto market.

FTTUSD trades higher for the past one week. Any daily close above $4.35 confirms further bullishness.

FTTUSD surged more than 65% after hitting a minor bottom of $2.4950.

The pair holds above the short-term (34 and 55 EMA) and long-term moving averages on the 4-hour chart.

The bullish invalidation can happen if the pair closes below $1.

On the lower side, the near-term support is $3.25; any close below will target 2.49/2.49/2/$1.50.

The pair's near-term resistance is around $4.35, and any breach above confirms minor bullishness.

A jump to 4.80/6 is possible. A surge past $7 will take it to 8/8/10.

It is advisable to buy on dips around $1 with a stop-loss around $0.60 for a target price of $1.75/$1.90.