FTT Token Soars by 80%
The FTT token connected to the now-defunct FTX cryptocurrency exchange has surged in price by over 80% in the last 24 hours. This surge comes after U.S. Securities Exchange Commission Chair Gary Gensler expressed openness to a potential reboot of FTX, but only if it is done “within the law.”
As of 6:55 a.m. ET, FTT is trading at $2.27, marking an increase of over 80% in the past day, according to CoinGecko.
This surge in price coincides with a rise in spot trading volumes across major centralized cryptocurrency exchanges.
Potential for FTX Reboot
Gensler’s comments about the potential for FTX to be revived under new leadership were prompted by reports that Tom Farley, a former president of the New York Stock Exchange, is among those interested in purchasing the bankrupt FTX exchange. Gensler emphasized that any reboot must adhere to legal guidelines and build trust among investors.
Aside from Farley’s interest, Bullish, Figure Technologies, and Proof Group are also bidding to acquire FTX, as reported by the Wall Street Journal on November 8th.
Uncertainties Remain
Despite the renewed interest in reviving FTX, doubts have been cast on whether a rejuvenated platform could succeed. Thomas Braziel, Founder of 117 Partners, expressed skepticism about the potential for a successful reboot and questioned whether any buyer would utilize or include FTT.
This isn’t the first time discussions about restarting FTX have surfaced. John J. Ray III previously explored this idea and established a task force to investigate its possibility when he was appointed CEO of the exchange following its collapse in November 2022.
Hot Take: Uncertain Future for FTT Token
The surge in FTT token prices following speculation about a potential reboot of the defunct FTX exchange raises questions about its future. While renewed interest from various parties has sparked hope for a revival, doubts remain about whether any new leadership could make it work while complying with regulatory standards and investor expectations. The uncertainty surrounding FTT’s future suggests that caution may be warranted when considering investment opportunities related to this token.
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