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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 alternate Binance, which marks a acquire of 73% over the past 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 staff to research 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 buyers are at present in possession of the altcoin, as most severe buyers 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 basic kind. The cryptocurrency, very like different native tokens, was utilized in half as an incentive to drive transactions to the alternate by offering reductions to its holders. This was completed in the identical approach as different native tokens like BNB for Binance and KCS for KuCoin. However, using FTT didn’t seem like an issue till it was found that not solely token was one of many major belongings that comprised FTX’s stability sheet, but additionally the tokens had been used as collateral by Alameda Research — with a view to acquire entry to capital by 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 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.

Also Read: This Former Facebook Investor Sells Bitcoin After Holding 8 Years

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

The introduced content material might embrace the non-public 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 in your private monetary loss.