The FTX Token (FTT) price held steady on Thursday as investors reacted to the latest fundraising by the company. The token has risen in the past three straight days and is trading at $64.85, which is about 40% above the lowest level this month. This values the FTT token at more than $7.8 billion.
FTX valued at $25 billion
FTX is one of the biggest cryptocurrency exchanges in the world. The platform is best known for the relatively risky leveraged products that it offers. Its biggest brand transacts cryptocurrencies worth more than $4.9 billion. Its American platform handles more than $516 million in currencies every day. FTT is the native token for the FTX ecosystem.
In a statement on Thursday, the company said that it had raised more than $460 from 69 investors. Some of these investors include Ontario Teachers Pension Fund, Tiger Global, and Temasek among others.
The company is now valued at more than $25 billion, making it one of the biggest crypto-focused fund in the world. The new funding came just a few months after the company raised $900 billion at a $18 billion valuation.
The company will use these funds to boost its marketing spending and to grow its ecosystem. Already, FTX has become a leading sponsor of sports teams and stadiums in the US. In a statement, the company’s CEO said:
“Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors.”
The FTT price is also rising as cryptocurrencies have become more mainstream. Bitcoin is now trading at a record high while the total market cap of all cryptocurrencies has surged to more than $2.6 trillion.
FTX Token price prediction
The daily chart shows that the FTT price found a strong support at around $48. Since then, it has been in a relatively bullish trend. And today, it moved above the key resistance level at $62.55, which was the highest level in May. It has also risen above the 25-day and 50-day moving averages. Its bullish volume has also increased.
Therefore, the FTX token price will likely keep rising as bulls target the all-time high of $84, which is about 28% above the current level.
