Is Buying FTT Now A Once-In-A-Life Opportunity For FTX Believers?
15 November 2023 - 3:00PM
NEWSBTC
FTT, the native token of the FTX ecosystem, rallied by 180% last
week, emerging as one of the top performers. The rally, Kaiko, a
blockchain analytics platform observes, was primarily due to
comments by the stringent United States Securities and Exchange
Commission (SEC) leader that the FTX 2.0 relaunch is
possible. FTT Soaring On Hopes Of FTX Relaunching In an X
post on November 14, Kaiko also notes that related FTT
trading volume soared, signaling possible accumulation by traders
and believers of FTX. At spot rates, FTT trading volume, looking at
how the token performs in Binance, one of the leading
cryptocurrency exchanges, remains elevated at November 2022
levels. In November 2022, FTX, led by Sam Bankman-Fried,
filed for Chapter 11 bankruptcy protection at the United States
Bankruptcy Court for the District of Delaware. Related Reading:
BlackRock’s XRP ETF Filing, Everything You Need To Know Before this
bankruptcy filing, FTT, which served several purposes in the FTX
ecosystem, acting as a governance token and providing access,
plunged in early November following allegations that the exchange
had misappropriated user funds. There was a significant collapse on
November 8 when FTT fell by 90%, taking the coin from around $22 to
as low as $2. FTT is trading at around $3.22, up 232% from October
2023 lows, looking at the performance in the daily chart. As
fundamental events around FTX unfold, FTT’s trading volume also
rises. Compliance With The Law Is Crucial: SEC Chairperson There
could be more gains for FTX in the days ahead should there be more
solid news of an FTX 2.0 relaunch following Gary Gensler’s comments
last week. Then, Gensler told CNBC that a revived FTX could see the
light of day if only leaders taking over clearly understood
existing laws. Related Reading: Crypto.com Acquires
License In Dubai As Cronos (CRO) Price Slips The SEC chairperson’s
comments follow speculations that the former New York Stock
Exchange (NYSE) president, Tom Farley, is among the three bidders
planning to buy FTX. “If Tom or anybody else wanted to be in
this field, I would say, ‘Do it within the law. Build investors’
trust in what you’re doing and ensure that you’re doing the proper
disclosures — and also that you’re not commingling all these
functions, trading against your customers. Or using their crypto
assets for your purposes.” A jury in early November found Sam
Bankman-Fried, the former CEO of FTX, guilty of all criminal
charges, including wiring fraud and money laundering. Bankman-Fried
is set for sentencing in March 2024. Feature image from Canva,
chart from TradingView
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