Cryptocurrency prices stabilized last week even as geopolitical risks increased and the US published strong consumer inflation data.
Bitcoin BitcoinBTC-0.72%Bitcoin remained below $100,000, while some altcoins like Mantra MANTRAOM0.14%MANTRA and PancakeSwap PancakeSwapCAKE4.14%PancakeSwap surged.
The top catalyst for most cryptocurrencies will be the Federal Reserve minutes scheduled for Wednesday. These minutes will provide more information about the last meeting and what to expect later this year.
The top cryptocurrencies to watch this week will be FTX Token FTXFTT-1.11%FTX, Tapswap, and Pi Network.
FTX Token in focus as payouts start
The FTX token will be in the spotlight this week as the FTX Estate starts distributing over $16 billion to its creditors. Qualified creditors who have completed the pre-distribution requirements will start being paid on Monday. They will then receive the payouts within 1 to 3 businesses. BitGo and Kraken will handle these distributions.
The FTX Token price has remained under pressure ahead of these distributions, dropping from the year-to-date high of $4.3855 to below $2.40. It is also consolidating at the 50-day and 100-day Exponential Moving Averages.
A bearish flag pattern points to a potential retreat after the distributions start.
FTX Token is a top cryptocurrency to watch
FTT price chart | Source: crypto.news
The crypto community on X.com had a lot to say about FTT’s trajectory.
CryptoBull told its 32,000 followers to “keep an eye on [FTT].”
FTT, a utility token for trading fee discounts, collateral for derivatives, and participation in staking and buyback programs, was founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang. FTT was designed as
By November 2022, FTX collapsed after revelations of financial mismanagement and misuse of customer funds, leading to bankruptcy. The FTT token plummeted from around $25 to near zero, as its value was deeply tied to FTX’s solvency.
Bankman-Fried was later convicted of fraud and sentenced to 25 years in prison.
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