• The value of the FTX token rose greater than 12% on Tuesday to commerce at highs of $1.16.
• FTT’s upside bounce got here as the newest courtroom paperwork confirmed there have been efforts to reopen collapsed crypto trade FTX.
• Sam Bankman-Fried’s FTX filed for chapter in November 2022, however the workforce led by new CEO John J. Ray III has hinted at plans to restart operations.

The FTX token noticed additional bullish motion on Tuesday, rising double digits to hit intraday highs of $1.16 throughout main buying and selling platforms.

In line with knowledge from Coingecko, the worth of the FTX token rose 12% within the early afternoon of the US buying and selling session. Intraday buying and selling quantity for the FTT/USD pair was $28,322,396 within the final 24 hours on the time of writing, signaling a rise in buying and selling exercise of round 395%.

FTT, which traded at highs of $84.18 over the last bull market, was valued at round $1.12 to at present change palms at a 98.67% low cost from that peak.

Why is the worth of the FTX token growing?

The highest 10 cryptocurrencies had been all buying and selling inexperienced on Tuesday afternoon because the crypto market appeared to rebound from current losses catalyzed by general uncertainty in threat asset markets.

As shares struggled with indecision following an deadlock over US debt ceiling talks, Bitcoin tried to solidify beneficial properties above $27,000. The value of Ethereum, which like Bitcoin suffered from drying quantity, reached $1,860.

However the beneficial properties for main digital property pale compared to these of FTT. The value of the token, which fell to just about zero on the finish of 2022, was hovering on optimistic sentiment across the potential reopening of collapsed crypto trade FTX.

Studies of an impending transfer on this route have resulted in elevated demand for the platform’s native token.

When will FTX 2.0 arrive?

Whereas no particular timeline is in place, the probably revival of FTX has appeared more and more concrete for the reason that FTX 2.0 dialogue surfaced a while in the past. Now, the newest courtroom paperwork present that new CEO John J. Ray III just lately labored on the restart proposal.

Ray has beforehand hinted at FTX’s re-entry into the cryptocurrency trade market, along with his remarks gaining momentum because the workforce was revealed to have scooped over $7 billion in property from the platform. bankrupt.