- It is the FTX Token (FTT) that serves as the platform’s native currency.
- FTX and a slew of other cryptocurrency firms plan to run commercials.
As investors digested the latest US inflation figures, the FTX Token (FTT/USD) price fell marginally overnight. In addition, the coin is sinking before Sunday’s Super Bowl game. At $32 billion, FTX is one of the world’s most valuable blockchain companies. While the US subsidiary of FTX, valued at over $8 billion, is a separate company, it has the same owners. People may buy and sell cryptocurrencies on an exchange and a trading platform these two firms provide.
It is the FTX Token that serves as the platform’s native currency. The coin has a market cap of over $6 billion and is trading at $44.51, down almost 5%, according to CoinMarketCap, making it the 28th largest crypto in the world. There are several applications for FTT. To begin with, the FTX platform allows holders to purchase and sell coins at low prices.
Read More: FTX Price Prediction
The FTT price fell as the US reported high inflation figures. In January, the headline consumer inflation rate jumped by 7.5%, the highest level in more than 40 years, according to the data.
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Therefore, the American employment market is booming, which means that inflation is also booming. Consequently, the Federal Reserve should adopt a more hawkish tone in the months to come. In other words, the Fed will have to raise interest rates many times before the quantitative easing program ends.
The Super Bowl, the most-watched sports event in the United States with over 91 million viewers, will be the next significant stimulus for the FTX Token price. FTX and a slew of other cryptocurrency firms plan to run commercials in conjunction with the show, with FTX announcing a massive Bitcoin giveaway. It’s possible that more individuals will acquire FTT tokens after seeing these ads and can drive the prices up.
