On Wednesday, the price of the FTT token, the digital currency linked to the now-defunct FTX cryptocurrency exchange, dramatically increased. An assertion made by FTX‘s legal team in bankruptcy court that the exchange would be revived as part of a larger reorganization plan may be an obvious reason.
FTT Token Price Skyrockets with New Developments!
No such plan has indeed been applied, and if it had, the court would have to approve it. However, it seems as though the token rose just because of the idea. According to market statistics, FTT was trading on Binance at about $2.20 in relation to the stablecoin BUSD. According to CoinGecko, Binance’s FTT/BUSD presently makes up almost 70% of the reported FTT trade volume.
Latest Developments on the FTX Side
As the news circulated, trade volumes increased, and the price of FTT rose to slightly over $3. At the time of writing, the FTT token is trading at $2.21, according to CoinMarketCap. Moreover, as was previously reported, FTX’s legal counsel said the company intends to file a restructuring plan in July.
On the other hand, Sam Bankman-Fried, the former CEO of FTX, attempted to use a $10 million insurance policy to cover his legal expenses. However, the bankruptcy court rejected his request on Wednesday.
Leave a comment