FTT jumped to a two-month high shortly after Ray shared details on FTX’s restructuring strategy. The price of FTT, once the native token of the leading cryptocurrency exchange, has risen by over 35 percent in the past 24 hours after the announced restart bid process. The altcoin has been in a major downtrend since the market’s death in November. Here are the details…
FTX news has splashed this altcoin
The altcoin FTX token (FTT) has soared for five consecutive days as talk about the resumption of the bankrupt FTX derivatives exchange now takes center stage. At the time of writing, FTT is changing hands at the spot price of $1.75, up 37.33 percent in the last 24 hours, according to data from CoinMarketCap. The token’s growth rate increased to 79.89 percent compared to this period last year. According to a recent report, John Ray, current CEO and Chief Restructuring Officer of FTX and its affiliated debtors, said the company is moving forward with its reboot plan.
Specifically, he explained that the former crypto giant has “started the process of requesting interested parties for the relaunch of the FTX.com exchange.” A potential relaunch of the platform could be funded by investors, and blockchain loan firm Figure can be assumed to be one of the interested entities. FTT reacted positively to the rumors, increasing 37 percent on a daily basis. As of writing these lines, it was trading at about $1.70, a two-month high, while it reached $1.83 a few hours ago.
CEO Ray has been supporting the plan to revive FTX since replacing Sam Bankman-Fried. The idea received support from prominent figures in the financial world, including Tribe Capital, which is considering spearheading a $250 million fundraising campaign. A court filing last month in which Ray stated that the restructuring would involve a tender process intensified the rumors. The new boss criticizes the old management team, saying they’ve been mixing customer deposits and abusing customers since day one. It claimed that FTX owed $8.7 billion when filing for bankruptcy protection in November last year. However, Ray and his partners have so far bought back nearly $7 billion in liquid assets.
FTX 2.0 sentiment grows
Many investors think FTT is currently discounted because the potential relaunch of the exchange has triggered a renewed flow of funds into the cryptocurrency. The current leadership of the trading platform is doing quite a bit to ensure that this vision of relaunching the exchange is realized. A call has been made to potential partners who might be interested in helping join the reboot mission. To attract attention, the leaders of the exchange stated that they have recovered more than $7 billion in client funds, which will be used to repay some of the platform’s creditors.
Despite FTT’s unprecedented growth at the moment, a return to its all-time high (ATH) could be a very ambitious demand at the moment. The FTT token is trading at its highest level at $85.02 ATH, representing a drop of more than 97 percent from its current level.
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