FTX Token (FTT) has been experiencing a major parabolic run, reaching new heights and returning profits to those who invested in it at the beginning of the year. Its latest uptrend has seen FTT soar as high as 53.30%, reaching a price of $4.10, the highest level for the year.
This significant increase has effectively offset all the losses FTT accrued at the start of the year due to the implosion of the FTX derivatives exchange.
The resurgence of FTX Token in the past two weeks has been notable, particularly since the conviction of Sam Bankman-Fried, the founder and former CEO of FTX. It seems that investors now view the negativity surrounding FTX as a thing of the past and are focused on moving forward. The excitement within the FTX ecosystem has led to a seven-day growth of 250% and a monthly surge of 307%, indicating a renewed interest and trust in FTT.
related: FTX’s Billion-Dollar Gamble: Used Customer Funds to Buy Binance Stake
After once boasting an all-time high (ATH) of $85.02, the consistent uptrends in FTT’s performance point to a gradual return of trust in the altcoin. The recent bullish turnaround is attributed to news that the trading platform may be relaunched, with potential buyers including former President of the New York Stock Exchange Tom Farley, endorsed by SEC Chairman Gary Gensler. Stakeholders believe that reactivating FTX is feasible once trust is restored and the new entity adheres to existing safeguards.
Furthermore, the current management of the exchange has recovered up to $7 billion to repay the firm’s creditors, indicating a positive outlook for FTT. This move has been viewed as a good omen across the board, contributing to the growing confidence in FTT’s future prospects.
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