The FTT price has been defying gravity and the overall trend in the crypto market over the past two weeks. A recent report indicates a potential bullish continuation based on this scenario and in favor of FTX creditors.
At the time of writing, the FTT price is trading at $1.20, with a sideways move in the last 24 hours. The token has posted a gain of 19% over the past two weeks, while the past 30 days have seen a gain of 15%. Meanwhile, the major cryptocurrencies have seen half of this price action over the same period.
FTT price on the verge of huge rally?
The increase in the FTT price is supported by the current negotiations between artificial intelligence (AI) company Anthropic and the big technology sector. As our sister website Bitcoinist reported, the company received a $1.5 billion capital injection from Amazon.
The big tech giant pledged to increase its investments by up to $4 billion through Amazon Web Services (AWS). The partners will work to develop AI solutions to compete with Google, Microsoft, Nvidia and others.
The AI company received support from failed crypto exchange FTX before its collapse in 2022. In this sense, if Anthropic can gain support from other major tech companies, FTX’s initial investment will increase, allowing the new management to rely on more assets and potentially repay creditors.
A recent report from the Information claims that Anthropic is exploring further partnerships following the Amazon deal. The OpenAI competitor could receive support from Google. The major technology giant already bought a 10% stake in the startup at the same time as FTX.
If this deal materializes, the company could increase its valuation from $4 billion to well over $20 to $30 billion. FTX’s initial investment will therefore increase by a significant amount.
The negotiations between Anthropic and its potential partners have had a direct impact on the FTT price. The current manager has publicly emphasized his intention to relaunch the trading platform to repay his creditors.
A successful sale of their stake in Anthropic could benefit FTX’s current management and provide them with enough capital to succeed. If this scenario comes to fruition, the company’s native token will likely extend its recent run and possibly regain previously lost ground.
The FTT price reached an all-time high above $60, meaning there is a lot of room to grow as the company restarts. Any news regarding Anthropic or the relaunch of an FTX will positively impact the token.
Cover image from Unsplash, chart from Tradingview