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 exchange. The FTX Token’s (FTT) worth hit $2.41 on the competing alternate Binance, which marks a achieve of 73% during the last seven days.
FTX Token (FTT) Worth Surge
On Thursday, Ray, who’s supervising the chapter and restructuring of the FTX enterprise empire, said that he has put collectively a activity staff to analyze the possibility of 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 exchange filed for chapter within the United States.
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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 alternate by offering reductions to its holders. This was accomplished in the identical manner as different native tokens like BNB for Binance and KCS for KuCoin. Nonetheless, the usage of FTT didn’t seem like an issue till it was found that not solely token was one of many major property that comprised FTX’s stability sheet, but additionally the tokens have been used as collateral by Alameda Research — with the intention 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 nearly 63% at $84 million; primarily led by the Binance exchange. Nonetheless, even when the worth of FTT has skyrocketed upon the constructive information, the token continues to be down by nearly 97% from its all-time excessive of $84.18.
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