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

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 govt officer of the bancrupt firm, John J. Ray III, said that he’s investigating the prospect of relaunching the crypto trade. The FTX Token’s (FTT) worth hit $2.41 on the competing trade Binance, which marks a achieve 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, said that he has put collectively a process crew to research the potential for relaunching FTX.com. This info 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 critical traders have misplaced religion after the centralized trade filed for chapter in the USA.

Learn Extra: Examine Out The High 10 DeFi Lending Platforms Of 2023

FTT’s Function 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 carried out in the identical manner as different native tokens like BNB for Binance and KCS for KuCoin. Nevertheless, using FTT didn’t look 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 Analysis — as a way to achieve 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% achieve within the final 24 hours. The buying and selling for the token has additionally witnessed a surge in volume because it’s up by virtually 63% at $84 million; primarily led by the Binance trade. Nevertheless, even when the value of FTT has skyrocketed upon the optimistic information, the token continues to be down by virtually 97% from its all-time excessive of $84.18.

Additionally Learn: This Former Fb Investor Sells Bitcoin After Holding 8 Years

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