In a surprising turn of events, the native token of the now-collapsed crypto exchange, FTX, has experienced an astonishing surge, skyrocketing by over 140% within the past few days.
The rally of FTT comes on the heels of SEC Chairman Gary Gensler’s recent comments, suggesting a possible revival for the beleaguered FTX. Gensler conveyed optimism, stating that the exchange could indeed reboot, but only if it adheres strictly to regulatory rules. During a recent CNBC interview on November 9, Gensler emphasized the importance of conducting business “within the law.”
Tracking the numbers on Coinmarketcap, FTT’s price has made a remarkable leap from trading at nearly $1 for the past couple of months to now surpassing an impressive $2.8. Additionally, the token’s trading volume has notched up gains of over 100%, indicating a substantial surge in investor interest.
The future of FTX hangs in the balance, with reports indicating multiple entities expressing interest in taking over, including the notable involvement of NYSE President Tom Farley. The potential restart of FTX is further complicated by the recent conviction of its founder, Sam Bankman-Fried, on fraud charges. The founder’s legal troubles have added an extra layer of uncertainty to the fate of the exchange.
Reflecting on the tumultuous past, in November 2022, FTT witnessed a staggering crash from $25 to below $2 within a matter of days, coinciding with the collapse of the FTX exchange. Now, with the SEC hinting at a possible revival under stringent conditions, the crypto community watches closely, awaiting the next chapter in the FTX saga.
