FTX.US opens stock trading in all 50 American states, should you buy FTT?

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FTX.US opens stock trading in all 50 American states, should you buy FTT?

FTX (FTT/USD) is one of the largest crypto derivatives exchanges out there that allows users to essentially engage in the process of buying and selling numerous cryptocurrencies and index futures with low fees.

FTX.US is the U.S.-regulated cryptocurrency exchange specifically created for that target market.

FTT is the native utility token used across the broader FTX ecosystem and can be used for the reduction of trading fees or can serve as collateral against future positions.

FTX.US opening of stock trading to users as a catalyst for growth

FTX.US opened stock trading to users in all 50 American states, according to a statement by President Brett Harrison initially posted on Twitter. 

What this means is that the cryptocurrency exchange now allows users to trade hundreds of stocks and exchange-traded funds online or through the FTX.US Pro mobile application.

The U.S. unit of the FTX exchange piloted this feature to a select group of customers back in May. However, FTX said that it would not charge fees or monetize trades in a way as Robinhood (HOOD) does, which has been historically criticized for its business model.

In June, FTX.US acquired stock clearing company Embed Financial Technologies as a means of providing its application programming interface (API) and brokerage services on the platform.

Should you buy FTX (FTT)?

On July 28, 2022, FTX (FTT) had a value of $28.999.

To get a better perspective as to what kind of value point this is for the FTT cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month.

When we go over the all-time high point of value for the FTX (FTT) cryptocurrency, we can see that it reached $84.18 on September 8, 2021.

Going over the performance of the token throughout the previous month, FTX (FTT) had its highest point of value on June 12 at $29.17, while the lowest point of value for the cryptocurrency was on June 15 at $21.25.

Here we can see that the cryptocurrency decreased by $7.92 or by 27%.

However, from June 15 to July 28, FTT increased in value by $7.749 or by 36%.

With this in mind, we can expect FTT to grow to $35 by the end of August, 2022, making it a solid token to get.

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from Market Analysis – Invezz