FTX’s FTT cryptocurrency has had a surprisingly phenomenal upswing, rising by an incredible 94% in under a day. After plummeting down last year and months of doubt, this is surprising. The comeback was attributed to various good news including gossip about purchasing another enterprise and the support from SEC director out of expectation.
Approximately a year ago, FTT token dropped catastrophically from above $25 on November 6, 2022 to just $2 on November 8. Such negative trend created an impression that FTX cryptocurrency behemoth was doomed leading to pessimism across the whole market.
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However, recent events suggest that reports of FTX’s demise may have been premature. FTT tokens have gained much value within the past one day which means it has come back strongly and made us change our previous thoughts about its future.
A number of factors have contributed to this sudden increase in FTT’s price. Firstly, Sam Bankman-Fried’s trial ended last week; during the process he was found guilty on all charges hence ending all doubts concerning the company leadership. At the same time there have been rumors about savior of FTX brand with multiple potential buyers reportedly showing interest in acquiring a client base it has managed to build over time.
There seems to be no other reason for such an increase as a statement made by Gary Gensler who is currently SCC chief. According to Gensler if they do things right then yes ftx can be revived legally speaking “Do it within the bounds of law. Regain investor confidence […] and make sure to disclose the right things –and also make sure not to mix all functions, not to trade against your customers or use their crypto assets for your own account.” These words clearly depict that Gensler will not go after ftx based on principle alone; they were made by someone who is deeply entrenched into cryptocurrencies world.
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At the same time rumors abound that Tom Farley, the former president of the New York Stock Exchange, is considering using FTX platform. The presence of such a name in traditional finance gives additional credibility to the story of its comeback.
It was at this point during which it seemed like FTT token will experience remarkable surge due to a resurgence involving someone influential from Wall Street. This reveals what investors believe in the cryptomarket; they want market dynamics to lean towards them howsoever.
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