FTX token (FTT) soars over 20% as exchange relaunch plans resurface

FTX token (FTT) has seen an increase in price for five days in a row as the discussion around the relaunch of the now-defunct FTX derivatives platform has taken the spotlight. At the time of publishing, FTT was trading at $1.71 — a 21% growth over the past 24 hours, CoinMarketCap data shows.

FTX token (FTT) soars over 20% as exchange relaunch plans resurface - 1
FTT 1-day chart | Source: CMC

Increasing optimism on FTX2.0 

Following the rumors about the exchange relaunch, many investors now believe that FTT is trading at a discount. Any prospective reboot of the exchange has stirred up a fresh flood of capital into the digital currency.

The current management of the trading platform is exerting significant effort to guarantee the restart.

The company’s chief executive officer, John Ray III, intends to win back consumers’ confidence by improving the effectiveness of service delivery, rebranding products, strengthening security measures, and increasing responsibility for all prospective clients, according to The Wall Street Journal.

To pique the public’s attention, the exchange management said they had retrieved more than $7 billion in cash belonging to clients. This money will be used to repay some of the platform’s debtors, the exchange claims.

You might also like: FTX takes legal action over alleged use of ‘hush money’ to conceal wrongdoing

Even though FTT is now experiencing growth, revising its all-time high (ATH) is a demand that is too ambitious at the moment. The FTT token traded at an all-time high of $85.02 when it was at the height of its popularity; this represents a drop of more than 97% from its current position. 

Read more: FTX engages in talks to bring back international crypto exchange
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Shiba Inu Falls As Bears Try To Break $0.00000728 Low

Image
Sep 11, 2023 at 11:00 // Price Author Coin Idol Cryptocurrency price Analysis brought by Coinidol.com. Shiba Inu (SHIB) price is falling as the bears try to break the previous low of $0.00000728. Shiba Inu price long term forecast: bearish The cryptocurrency asset has been trading in a range over the past week, but the bears have pushed the altcoin into the lower price range. If the current support is broken, the market would fall back to the previous low of $0.00000551. The price indicator has indicated further downward movement. That is, SHIB will fall to the
Read more

Meta announces new metaverse program with US universities

The social media giant launches a new teaching program in the US, anticipating growing momentum for VR education tools in Europe. Meta, the parent company of Facebook and Instagram, is launching a new program for teachers in the US to inspire students to explore the opportunities of the metaverse . In a press release on Sept. 12, the Menlo Park-based company said the program is aimed at helping college students in the US to learn with the help of virtual reality (VR) and to test more ways to make it easier for Meta Quest users “to find educational resources in the Meta Quest store.” As part of the program, Meta has collaborated with 15 universities across the US “who are actively embracing immersive learning.” They include Stanford University, Arizona State University, New Mexico State University, and others. “The universities are each conducting classroom sessions and exercises in virtual reality to examine how immersive technologies can contribute to the future of education.
Read more

California wants to outlaw internal combustion engine vehicles by 2035

Image
Join Our Telegram channel to stay up to date on breaking news coverage In a significant activity in the state’s battle against climate transformation, California, the most extensive state and the heart of American auto culture, would restrict the sale of fresh Internal Combustion Engine Cars By 2035. The law, which the California Air Resources Board unveiled on Thursday, will oblige companies to quicken the production of cleaner cars, pickup trucks, and SUVs beginning in 2026 until the state solely permits sales of zero-emission vehicles. The transportation industry is the primary emitter of greenhouse gases in California After Governor Gavin Newsom announced a goal for 2020 to hasten the transition away from internal combustion engines, the vote was unanimous. The transportation industry is the primary emitter of greenhouse gases in California, which has seen unprecedented droughts, wildfires, and poor air quality as a result of climate change. The decision is expected to h
Read more