According to the shocking news of Fortune magazine, the crypto world has witnessed a new hot development. Coinbase, the leading US crypto exchange, revealed that it has interesting plans for FTX’s European arm, FTX Europe. This development caused FTT, the altcoin linked to FTX, to rapidly rise by double digits.
Coinbase’s FTX move sparked a rally in the altcoin market
According to the latest news from Fortune magazine, the altcoin world is ready for a big shakeup. Coinbase, the leading US crypto exchange, plans to acquire FTX Europe, the European arm of FTX.
Andy Vermaut shares:Coinbase pursued FTX Europe acquisition as it looked to expand its overseas derivatives business: The FTX entity owns a key regulatory license in the European market. Thank you. https://t.co/cXUdavu3AI pic.twitter.com/GyaYn1cnfg
— Andy Vermaut (@AndyVermaut) September 22, 2023
The bankruptcy of FTX in November 2022 worried many investors. However, this situation emerged as an opportunity for Coinbase. Fortune noted that Coinbase is seriously considering plans to acquire FTX Europe. This move emerged especially after the 2022 bankruptcy and in September 2023. Prior to this, FTX had reactivated the demand portal.
— FTX (@FTX_Official) September 16, 2023
The crypto derivatives market has been experiencing incredible growth recently. Kaiko Research announced that derivatives volume was six times larger than spot volume in the second quarter of 2023. This was one of the main reasons for Coinbase’s interest in FTX Europe. The development gives altcoin investors hope for refunds again.
FTX Europe’s advantage
FTX Europe has an important place in the crypto world. With a special regulatory license in Cyprus, it has gained the right to offer the popular crypto derivative called perps. As a result, it has enabled FTX Europe to occupy a unique position in the European market. It should be noted that despite Fortune’s news, Coinbase has not yet embarked on this potential acquisition. However, this news caused a sudden increase in the value of a particular altcoin associated with FTX. This altcoin has quickly become a rising star in the market.
FTT price jumps double digits after Coinbase news
Following the leaked news about Coinbase’s plans to acquire FTX Europe, activity began in the altcoin market. Especially with the impact of this news, FTX’s native token, FTT, increased by 14.09% in the last 24 hours. Thus, it reached its highest level of the day, $ 1.15. This emerges as one of the most striking price movements of recent weeks.
A look at FTT’s overall performance over the last 7 days shows that the positive trend continues. FTT, which attracted attention with a 10.22% increase on a weekly basis, continues its momentum.
Attention altcoin investors: This is the last date for FTX refunds
cryptokoin.com As we reported, FTX reopened its refund request portal this week. FTX users must submit evidence of their claims by September 29. The stock exchange plans to initiate withdrawal transactions for frozen altcoins and tokens in the coming periods.