FTX Token (FTT) up 15%, Here's Why

FTX token (FTT), the native digital currency of the bankrupt FTX Derivatives Exchange, has recorded very impressive daily growth today. The FTT token soared by 15% in an apparent resurgence to peg its price at $1.31, as it is now making an apparent move to recover from the lows of the past month.

Timeline of Ftx-token

Recent on-chain activity involving the Ethereum address ‘0xd275e‘ has caught the attention of the crypto community. Through CryptoSlate‘s on-chain analysis, no concrete evidence pointing to the owner of the account has been discovered.

Former NBA star Shaquille O'Neal, has been sued once again over his involvement in cryptocurrency promotions. What Happened: This time, O'Neal is facing a proposed class action in Florida federal court, alleging that he violated securities laws by selling unregistered tokens in connection to Astrals NFT Project.

A recent court filing made by FTX's bankruptcy estate revealed that current CEO John Ray III spent several hours last month working on a revival plot for the bankrupt crypto exchange. The news led to a 7% surge in FTT's price.

Binance posted a message to say that today a list of 18 tokens will be moved to the Innovation Zone. This list consists of FTX (FTT), Voyager (VGX), BitShares (BTS), WazirX (WRX) and others.

FTT Token, the native coin of the failed crypto exchange FTX, is experiencing a slide in today's trading session. While it started the trading day negatively, it showed no recovery and further declined in price, recording up to an 8% loss and finding a spot in the top 3 losers in the sector.

As the news of FTX's revival broke, there was a spike in the creation of new FTT addresses. However, FTT's future is still under question as a few market indicators were bearish.

After the news broke out that the bankrupt cryptocurrency trading platform FTX had recovered more than $7.3 billion in cash and liquid crypto assets and its attorney hinted that the crypto exchange could reopen at some point in the future, the FTX Token (FTT) has experienced a significant increase in on-chain activity.

FTX's lead attorney said that restarting the exchange would require significant capital and there was an internal debate about whether this money should come from FTX's estate capital or through third-party capital.

FTX Token (FTT) is currently one of the top gainers in the crypto market in the last day as the coin rose over 100%. This sudden growth was triggered by an announcement that said the bankrupt FTX exchange could possibly reopen for business soon.

The bankrupt cryptocurrency exchange FTX is considering reopening its business according to its attorney from Sullivan & Cromwell during a court hearing on Wednesday. Andy Dietderich, the lead attorney for FTX, told the court that re-starting the exchange was one of many potential options being considered for the future of the company.