FTX introduced stock trading, how will that affect the price of FTT?

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ftx launches a new, unique futures product

FTX is an international cryptocurrency derivatives exchange. It specializes in derivatives and leveraged products, and its key product offerings include futures, and leveraged tokens, among other offerings. 

The cryptocurrency exchange is powered by the FTX Token FTT/USD, which has a wide range of utilities on the exchange, such as reducing trading fees or serving as collateral against futures positions.

The introduction of stock trading as a catalyst for growth

The U.S. affiliate of the cryptocurrency exchange FTX has begun rolling out zero-commission stock trading as a part of a bigger bet where retail investors will want to see their crypto and stock investments at a single location.

In other words, FTX U.S. will now be offering a no-fee brokerage account for each user, alongside commission-free trading and market alongside company data.

After people became a lot more familiar with cryptocurrencies as investment assets and investing services became a lot more easily accessible to a growing number of retail investors, FTX is also progressing.

Specifically, they are counting that users will be wary of managing various applications and accounts for their financial activity and aim to be the one-stop-shop when it comes to retail investors. 

Sam Bankman-Fried, the CEO of FTX, made an announcement on May 19, 2022, that the company was testing out FTX U.S. stocks and showcased some support for the colleagues. 

The CEO also noted that a small subset of customers who registered for the waitlist would get access on May 19 to test it out, but they are planning to expand it to the whole platform throughout the next month.

Should you buy FTX Token (FTT)?

On May 20, 2022, FTX Token (FTT) had a value of $30.73.

ftt usd 1

In order for us to see what this value point means for the future value of the FTT token, we are going to go over its ATH point of value alongside its performance throughout April.

The all-time high of FTX Token (FTT) was on September 9, 2021, when it reached a value of $84.18. This means that at its ATH, it was higher in value by $53.45 or by 174%.

When we go over the token’s performance throughout the previous month, FTX Token (FTT) had its highest point of value on April 2 at $51.

Its lowest point of value was on April 29, when the token decreased to a value of $38.53. This marked a decrease of $12.47 or 24%.

With this in mind, at $30.73, FTT is a solid buy as by the end of June 2022, when the stock trading is fully introduced, it can climb to $38 in value. 

The post FTX introduced stock trading, how will that affect the price of FTT? appeared first on Invezz.

from Market Analysis – Invezz

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