FTX Token (FTT) Price Rises 30% As CEO John J Ray III Plans To Restart Exchange

The worth of FTX’s controversial FTT token elevated by greater than 33% after the newly appointed chief government officer of the bancrupt firm, John J. Ray III, acknowledged that he’s investigating the prospect of relaunching the crypto trade. The FTX Token’s (FTT) value hit $2.41 on the competing trade Binance, which marks a acquire of 73% over the past seven days.

FTX Token (FTT) Value Surge

On Thursday, Ray, who’s supervising the chapter and restructuring of the FTX enterprise empire, acknowledged that he has put collectively a job workforce to analyze the opportunity of relaunching FTX.com. This data captured main headlines which in flip resulted within the value uptick for the cryptocurrency. It’s estimated that speculative traders are at present in possession of the altcoin, as most critical traders have misplaced religion after the centralized trade filed for chapter in the USA.

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FTT’s Position In FTX Collapse

The downfall of FTX was precipitated by FTT in its most basic kind. The cryptocurrency, very like different native tokens, was utilized in half as an incentive to drive transactions to the trade by offering reductions to its holders. This was achieved in the identical manner as different native tokens like BNB for Binance and KCS for KuCoin. Nevertheless, the usage of FTT didn’t seem like an issue till it was found that not solely token was one of many main property that comprised FTX’s stability sheet, but additionally the tokens had been used as collateral by Alameda Analysis — with a view to acquire entry to capital by way of each crypto lenders.

FTT at present ranks because the 208th largest cryptocurrency with a market cap of $769 million which has seen a 28% acquire within the final 24 hours. The buying and selling for the token has additionally witnessed a surge in volume because it’s up by nearly 63% at $84 million; primarily led by the Binance trade. Nevertheless, even when the value of FTT has skyrocketed upon the constructive information, the token remains to be down by nearly 97% from its all-time excessive of $84.18.

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Pratik has been a crypto evangelist since 2016 & been by way of nearly all that crypto has to supply. Be it the ICO growth, bear markets of 2018, Bitcoin halving to until now – he has seen all of it.

The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.