Following the Rumor, FTT First Surged, Then Plunged
In the cryptocurrency market, FTT experienced a brief but sharp rise following rumors of an amnesty circulating ahead of the 250th anniversary of the founding of the United States and Independence Day on July 4th.
Rumors circulating in the market suggest that the White House is considering a proposal to grant presidential pardons to 250 people as part of the 250th anniversary celebrations. These rumors quickly translated into interpretations of the “pardon concept” within the cryptocurrency community, and the FTT token, formerly associated with the FTX exchange, was also affected by these speculations.
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The FTT price surged by 27% in a short time, climbing above $0.30. However, the rise was not sustainable, and the token gave back all of its gains. The latest data shows FTT’s 24-hour performance is down 1.43%.
A graph showing the rise and fall of FTT prices.
FTX founder and CEO Sam Bankman-Fried, who is in prison for fraud, officially applied for a presidential pardon last month, but it is not currently thought that US President Donald Trump will approve the application.
*This is not investment advice.
Continue Reading: Following the Rumor, FTT First Surged, Then Plunged
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