The FTT, the native token of the FTX ecosystem, saw an impressive 180% upswing in the past week, making it one of the key performers in the market. Fueling this surge, as noted by Kaiko, a blockchain analytics specialist, were remarks from the stern leader of the United States Securities and Exchange Commission (SEC) that suggested the possibility of an FTX 2.0 relaunch.
On November 14, Kaiko additionally reported a noticeable increase in FTT trading volume— an indicator that traders and loyal followers of FTX were possibly accumulating more of the token. Judging by the current spot rates on Binance, one of the leading cryptocurrency exchanges, FTT trading volume remains at an elevated level, comparable to those of November 2022.
However, it’s important to recall that in November 2022, FTX, under the leadership of Sam Bankman-Fried, filed for Chapter 11 bankruptcy protection with the United States Bankruptcy Court for the District of Delaware. This occurred after FTT, which functioned as a governance token and access provider within the FTX ecosystem, experienced a sharp decline following accusations that the exchange had misused user funds.
Further illustrating this situation is the dramatic plummet of FTT’s value on November 8, when it fell by a staggering 90%, reducing its price from around $22 to a mere $2.
As of now, FTT is trading at approximately $3.22, marking a 232% increase from its October 2023 low point. These figures are projected to further augment as fundamental events surrounding FTX continue to develop and FTT’s trading volume consequently increases.
The future might hold additional gains for FTX, especially if there’s more decisive news regarding an FTX 2.0 relaunch—an outcome made plausible by Gary Gensler’s recent remarks. According to CNBC, the SEC chairperson expressed that a revived FTX could be feasible if the incoming leaders properly comprehend the existing laws.
This statement arrives on the heels of rumors that Tom Farley, the former New York Stock Exchange (NYSE) president, is among three potential buyers for FTX. The SEC chairperson encouraged anyone interested in entering this field to do so lawfully, emphasizing the need for building trust among investors and maintaining careful disclosures while avoiding harmful practices such as trading against customers or misappropriating their crypto assets.
Adding another layer of complexity to the situation, Sam Bankman-Fried, the former CEO of FTX, was found guilty of multiple criminal charges, including wire fraud and money laundering, by a jury in the early part of November. His sentencing is scheduled for March 2024.
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