The rapidly expanding world of Web3 has caught the attention of investors and developers alike, and FTX is looking to dip its toes in it as well.
FTX Venture
A new branch of FTX called FTX Venture has been established with $2 billion set aside to fund new and growing companies in the crypto market. To operate successfully, the company hired former Lightspeed partner Amy Wu, who said, in an interview with The Block,
“The goal of this joint venture is to accelerate the adoption of blockchain technology.”
However, this is not where FTX wants to stop, the company has stated in their press release that they want to drive web3 adoption along with it and also focus on the mission of investing widely in the society. social, games, fintech, software and healthcare.
This announcement is proof of FTX’s rising empire and its dedication to making cryptocurrency accessible by and for all. This is also working in their favor as the FTX token FTT has managed to break its dominant downtrend for the first time in over 5 months.
The broader market decline has kept the altcoin trapped below the downtrend line since September and despite numerous attempts to invalidate it, the coin has failed to test it as support. aid.
The day before yesterday, this changed for the first time as the coin not only tested it for support, but gained another 9.5% the next day.
FTT . Price Action | Source: TradingView – AMBCrypto
Also, looking at the bullish bias of the price indicators, the coin might actually manage to break above $50 or consolidate around $47 this week.
This rally also encouraged some investors to become active once again, which can be seen by the altcoin’s nearly 6 months of gains, during which the network has accumulated nearly 30% higher MTH. thanks to their HODLing.
Distributing FTT investors | Source: Intotheblock – AMBCrypto
Going forward, the low correlation of FTT with Bitcoin will act as key support as the previous high correlation has resulted in the altcoin maintaining a red streak. This could change for the better as the FTT is regrouping.
Correlation between FTT and Bitcoin | Source: Intotheblock – AMBCrypto