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SirWin
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FTX token (FTT) soars over 20% as exchange relaunch plans resurface

Markets
FTX token (FTT) soars over 20% as exchange relaunch plans resurface

FTX token (FTT) has seen an increase in price for five days in a row as the discussion around the relaunch of the now-defunct FTX derivatives platform has taken the spotlight. At the time of publishing, FTT was trading at $1.71 — a 21% growth over the past 24 hours, CoinMarketCap data shows.

FTX token (FTT) soars over 20% as exchange relaunch plans resurface - 1
FTT 1-day chart | Source: CMC

Increasing optimism on FTX2.0 

Following the rumors about the exchange relaunch, many investors now believe that FTT is trading at a discount. Any prospective reboot of the exchange has stirred up a fresh flood of capital into the digital currency.

The current management of the trading platform is exerting significant effort to guarantee the restart.

The company’s chief executive officer, John Ray III, intends to win back consumers’ confidence by improving the effectiveness of service delivery, rebranding products, strengthening security measures, and increasing responsibility for all prospective clients, according to The Wall Street Journal.

To pique the public’s attention, the exchange management said they had retrieved more than $7 billion in cash belonging to clients. This money will be used to repay some of the platform’s debtors, the exchange claims.

Even though FTT is now experiencing growth, revising its all-time high (ATH) is a demand that is too ambitious at the moment. The FTT token traded at an all-time high of $85.02 when it was at the height of its popularity; this represents a drop of more than 97% from its current position.