FTX Token (FTT) Surges by 243% Following SEC's Hint at Platform Relaunch
Date: 2023-11-11 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Cryptocurrency Market News: FTX Token (FTT) Surges Amid SEC Hints and Prospective Deals
The upward trends in the FTX Token (FTT) cryptocurrency over the past few days have captured the attention of investors. In the last 7 days, the token's price has soared an impressive 243%, making FTT one of the standout leaders in the market.
This unexpected surge occurred following statements from Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), hinting at a possible relaunch of the FTX trading platform. In his CNBC interview, Gensler expressed a positive view on the idea of a reboot but emphasized the need for all actions to comply with existing legislation.
Trading on cryptocurrency exchanges gained momentum after these statements, with investors actively buying FTT. Over the last 24 hours, the token's quotes jumped by 44%, underscoring traders' confidence in the cryptocurrency's prospects.
As of November 11, 2023, the price of FTT reached $4.09, and its market capitalization exceeded $1.34 billion. FTT entered the top 100 cryptocurrencies, securing the 50th position. However, it's worth noting that FTX Token quotes are still significantly below their historical peak by 95%.
Daily trading volumes of FTT also experienced a significant increase, reaching $851.2 million. This indicates a growing interest in the token and active trading on the exchange.
In the context of the FTX exchange's bankruptcy, a judicial hearing is taking place in Delaware. Kevin Kofski, representing Perella Weinberg Partners, announced the reception of several bids to acquire the exchange's assets. Three organizations are vying for the assets of the bankrupt exchange, with a final decision expected by mid-December.
In response to these developments, Gensler emphasized the importance of building trust in the cryptocurrency industry and the necessity for full disclosure of information to clients. He also stressed the significance of asset segregation and avoiding actions that conflict with the interests of clients or the use of others' cryptocurrencies for personal purposes.
These recent events have sparked increased interest in FTX Token, and investors now await December events to understand how they will impact the cryptocurrency's long-term prospects and market position.
