FTX exchange may be relaunching after navigating bankruptcy, sparking optimism.
FTT token surged over 70% in value amidst FTX’s potential revival.
FTX initiates discussions with investors to finance and reboot the platform.
Following months of anticipation and uncertainty surrounding the fate of the defunct FTX exchange, recent reports indicate a promising resurgence may be on the horizon. The Wall Street Journal (WSJ) disclosed on June 29 that the troubled cryptocurrency platform is intensifying its efforts to relaunch while navigating the bankruptcy process.
In response to these developments, FTT, the native token of FTX, experienced a remarkable surge in value, skyrocketing by over 70% in the past week alone. Commencing from $0.97, the FTX token saw its market value escalate by an impressive $233 million, reaching a total of $556.9 million.
Speculation about an FTX revival has been circulating for some time, but the recent WSJ article suggests that the likelihood of this actually materializing is higher than previously believed. John J. Ray III, who assumed the role of CEO in November after FTX filed for bankruptcy, affirmed that the process of seeking interested parties for the reboot of FTX.com has commenced.
According to reports, FTX has initiated preliminary discussions with potential investors regarding financing options for a future relaunch, including the possibility of a joint venture. The aim is to garner support for reviving the once-prominent exchange and reinstate its operations.
This follows after in May, the United States Internal Revenue Service (IRS) took action by filing 45 claims accounts against FTX, totaling a significant amount of 44 billion dollars.
FTT Token Price Dips, Trade Volume Surges, Optimism Grows
CoinMarketCap data reveals a prevailing bearish sentiment toward the FTT token, as its price witnessed a minor decline of 2.66%, currently valued at $2.06. However, there is cause for optimism, as trade volume has surged by 17.52% in the last 24 hours, amounting to $196,905,829. This surge in trading activity hints at the potential for positive momentum to gather pace in the coming hours.
Investors and enthusiasts eagerly await further developments regarding FTX’s potential relaunch. The recent upswing in FTT’s value reflects growing optimism and the market’s renewed confidence in the exchange’s prospects. As discussions progress and investor interest intensifies, the future of FTX appears brighter than ever.