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 exchange. The FTX Token’s (FTT) worth hit $2.41 on the competing trade Binance, which marks a acquire of 73% during the last seven days.
FTX Token (FTT) Price Surge
On Thursday, Ray, who’s supervising the chapter and restructuring of the FTX enterprise empire, acknowledged that he has put collectively a process group to analyze the possibility of relaunching FTX.com. This data captured main headlines which in flip resulted within the worth uptick for the cryptocurrency. It’s estimated that speculative traders are at the moment in possession of the altcoin, as most severe traders have misplaced religion after the centralized exchange filed for chapter within the United States.
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FTT’s Role In FTX Collapse
The downfall of FTX was precipitated by FTT in its most elementary kind. The cryptocurrency, very similar to different native tokens, was utilized in half as an incentive to drive transactions to the trade by offering reductions to its holders. This was completed in the identical manner as different native tokens like BNB for Binance and KCS for KuCoin. However, 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 steadiness sheet, but additionally the tokens had been used as collateral by Alameda Research — with the intention to acquire entry to capital by each crypto lenders.
FTT at the moment 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 exchange. However, even when the value of FTT has skyrocketed upon the optimistic information, the token remains to be down by nearly 97% from its all-time excessive of $84.18.
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