The native digital currency of the defunct FTX Derivatives Exchange, the FTX token (FTT), has shown quite spectacular daily growth today. The price of the FTT token increased by 15% in an apparent recovery to hit $1.31, suggesting that it is currently trying to recover from recent lows. The price is $0.7763.
FTX token trigger
The most recent disclosure from the trading platform, which is part of its continuous attempts to keep its commitment to return users’ monies, is what caused the price of the native token of the FTX exchange to rise again.
Out of the $8.7 billion it owes its creditors, the exchange said it had been able to collect as much as $7 billion in liquid assets. Users of FTX will find this news encouraging since it indicates that there is hope for the release of their trapped cash.
A string of explosions that shook the business from late last year to early January culminated in the bankruptcy of FTX. With the need for self-custody gaining front stage after FTX’s collapse, the idea that centralised exchanges are risky for cryptocurrency investors gained more traction.
Possibility of reboot
The goal of the trading platform has been clearly defined since John Ray III succeeded Sam Bankman-Fried as CEO of FTX: to restore as much of customers’ cash as you can and, if feasible, restart the platform.
In the event that it does not relaunch the site as planned, FTX is taking aggressive steps to win back the confidence of its users. The return of customer money is one method it may ensure support. Overall, the FTT token, which has increased by 37% over the last week, looks to be the clear winner today.
