• 29 May, 2024
News

FTT Surges by Over 100% as FTX Considers Reopening Exchange

FTT, the native token of FTX exchange, has experienced an unprecedented surge of over 100%, reaching a staggering value of $2.59 today. This surge coincides with FTX’s plans to potentially resume its exchange business in July after restructuring.

A recent tweet by CoinGenko shed more light on the situation:

According to FTX, the $7.3 billion in assets includes $2B in cash, $4.3B in Class A cryptocurrencies, $300M in securities, and $600M in accounts receivable from investments. This massive asset reclamation has fueled speculation that FTX is gearing up to re-enter the exchange market.

Notably, the surge in FTT’s value is a testament to the market’s optimism regarding FTX’s potential return to the exchange market. FTT is a utility token used on the FTX platform that offers various benefits to its users, such as reduced trading fees and increased liquidity. With FTX potentially restarting its exchange business, FTT’s value is expected to soar even higher.

While FTX’s plans for reopening its exchange business have not yet been confirmed, the recent surge in FTT’s value indicates that the market is bullish on the exchange’s future prospects. If FTX does indeed return to the exchange market in July, it could shake up the cryptocurrency industry and potentially set a new standard for innovative trading products.

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