FTFT Stock Price Increases Over 10% Pre-Market: Why It Happened

By Amit Chowdhry ● Aug 9, 2021
  • The stock price of Future Fintech Group Inc (NASDAQ: FTFT) increased by over 10% pre-market. This is why it happened.

The stock price of Future Fintech Group Inc (NASDAQ: FTFT) increased by over 10% pre-market. This is a continuation of momentum as the company stock price increased 20.75% in the previous trading session.

There is no company-specific news driving the stock price up so it appears there are external factors at play. Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week. 

In late June, Future FinTech Group registered a new subsidiary called FTFT Capital Investments LLC to do business in Dubai, United Arab Emirates. And FTFT Capital is intending to operate digital currency trading service and crypto asset management businesses in Dubai. UAE is known as a friendly country to blockchain technology and cryptocurrency. Since the beginning of 2021, the country has introduced preferential policies to attract global blockchain technology companies to establish operations in Dubai, an emerging international financial center.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.