FTT Tokens Surges 45% As Crypto Exchange FTX Explores Reboot
April 12 2023 - 2:32PM
NEWSBTC
Failed crypto exchange FTX’s native token, FTT, is expiring upside
volatility, recording important profits over today’s trading
session. The token is reacting to the news of FTX’s potential
relaunch. Related Reading: Over 3,000 Validators To Withdraw After
Ethereum Shanghai Upgrade As of this writing, FTT is trading north
of $2 for the first time since February and could continue to
reclaim previously lost territory. The token moved sideways for
months, and today’s news was the first time it recorded positive
price action. FTX To Relaunched? FTT Traders Go Long According to a
report from Reuters, FTX’s bankruptcy proceedings have been
partially successful. The company’s new administration recovered
$7,3 billion in fiat and digital assets, according to FTX attorney
Andy Dietderich, that testified in a U.S. bankruptcy court hearing.
This amount represents an increase of around $1 billion in the
company’s effort to recover its users’ funds. The failed crypto
exchange is evaluating its options after spending months
“collecting resources” and trying to figure out what went wrong
under the previous administration, led by its founder Sam
Bankman-Fried. In that sense, Dietderich claims that the company
overcame the “worst” of its situation and can start thinking about
re-opening operations. FTX’s new CEO, John Ray, has been hinting at
relaunching the crypto exchange for some time. In an interview with
the Wall Street Journal, Ray said the measure could allow them to
“recoup value” for their clients. A separate report from CNBC
claims that FTX’s intentions are “unclear” as the new
administration needs to provide further details about a potential
reboot. If FTX returns, can users withdraw their money and trade
with digital assets, or will the company attempt to become
profitable to repay its debts to creditors? These issues and
others related to taxation, security, and user experience still
need to be answered. Daniel Tramel Stabile, a partner at law firm
Winston & Strawn, told CNBC the following: When we talk about
restarting — rebooting — it’s not totally clear what they have in
mind. There could be a rebooting in the sense of reopening the
exchange with a limited purpose for getting assets off the
exchange. Related Reading: Shiba Inu Community Destroys 35 Million
SHIB, Will It Shift The Momentum? The market is reacting positively
to the news, despite the unclear issues. FTX’s FTT continues to
trend to the upside and breached critical resistance at $2.17; if
the uptrend continues, the token might target $2.70 for the first
time in 2023.
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