- FTT price remained steady within the last few days.
- FTX US raised millions of dollars from Softbank last week.
- The company raised $400M at a 32 billion valuation this week.
FTX (FTT) price welcomed February with a higher move as market players reacted to the recent funding round by the project’s parent company. For now, the alternative coin trades at $43.54, reflecting a nearly 40% surge from its 2022 January low.
FTX New Fundraising
FTX is among the top crypto form launched by Sam Bankman-Fried. The company provides multiple services to the crypto industry. For instance, it offers an exchange where individuals can purchase and sell digital coins.
FTX offer high-end derivatives site where individuals may trade complex derivatives products like leveraged tokens. Furthermore, users can access an NFT market to mint, hold or sell assets. The company has trended recently as far as fundraising is concerned. Last year, FTX raised more than one billion from investors, a valuation standing beyond $25 billion.
This week, the company declared raising $400 million amid series C fundraising. That was FTX’s 3rd finding round within six months, leading to $1.8 billion in total. With that, the overall valuation in private markets hovers at around $32 billion at the moment.
That comes some days after the company collaborated with Softbank Group to secure another $400M from market participants. The fundraising had the firm’s valuation at above $8 billion.
Meanwhile, the FTX platform uses FTX Token (FTT) as its native coin. It’s a lending token valued at more than $4 billion. Moreover, the crypto ensures incentives for FTX platform users. For instance, holders may access discounts with the FTT coin. Therefore, the ongoing fundraising will raise investors’ confidence in the FTT token.
FTT Price Forecast
The daily price chart shows FTX Token registered a remarkable rebound within the last few days. The token moved briefly beyond the 25- and 50-day MAs. Moreover, the alt printed a descending channel as the price remains slightly under the channel’s upper side. Also, the Relative Strength Index tilted high.
For now, the price has a high probability of extending the upswings as market players eye the descending channel’s upper side near $50. Nevertheless, a fall beneath $35 will ruin the optimistic view.