The price of FTX token skyrocketed and increased by over 100% in response to the announcement that insolvent FTX has recovered part of its assets and plans to relaunch in Q2. In less than an hour, FTT's price increased from $1.2 to $2.7.
The announcement created lots of FOMO, which in turn increased the volatility of the FTT price by causing it to fluctuate and go up and down more quickly.
Due to the FTT price volatility, I decided to gamble using futures. I opted to short the coin, set a limit order to short at 2.64, and set my take profit at 2.6. As soon as my short limit triggered, my take profit triggered as well, and this trade practically occurred in less than a minute... This resulted from the token's price's high volatility.
This is the first time since I began learning futures trading that I will be trading without conducting a proper analysis. I was happy to earn 15% of my initial investment regardless of the risks involved in the trade.
The cryptocurrency market is extremely volatile, therefore you should do thorough research before investing or trading.