• The FTX token value jumped greater than 12% on Tuesday, buying and selling as excessive as $1.16.
• FTT has turned larger after the most recent courtroom filings indicated efforts to restart bankrupt cryptocurrency change FTX.
• Sam Bankman-Fried’s FTX filed for chapter in November 2022, however a group led by new CEO John J. Ray III is sabotaging plans to renew operations.

The FTX token entered one other upswing on Tuesday, posting double-digit positive aspects throughout main buying and selling platforms to an intraday excessive of $1.16.

In line with Coingecko knowledge, the FTX token value rose 12% within the early afternoon through the US buying and selling session. On the time of writing, intraday quantity on the FTT/USD pair stood at $28,322,396 over the previous 24 hours, indicating a roughly 395% surge in buying and selling exercise.

FTT, which traded at a excessive of $84.18 through the earlier bull market, is now buying and selling at round $1.12, a 98.67% low cost from its peak.

Why is the FTX token value skyrocketing?

The entire high 10 cryptocurrencies have been buying and selling in inexperienced on Tuesday afternoon, as the worldwide uncertainty throughout danger asset markets appeared to make the cryptocurrency market bounce again from latest losses.

Bitcoin was making an attempt to consolidate its rally above $27,000 as shares struggled with indecision as US debt ceiling talks stalled. The worth of Ethereum, which like Bitcoin has suffered from declining volumes, climbed to $1,860.

Nonetheless, the earnings of the highest digital property paled compared to these of the FTT. After dropping to just about zero on the finish of 2022, the worth of the token has surged following optimistic sentiment across the attainable reopening of the bankrupt crypto change FTX.

Press studies about an impending transfer on this path have led to elevated demand for the platform’s native tokens.

When is FTX 2.0 Coming?

There is no set timeline, however the potential for an FTX revival has develop into increasingly tangible since talks of FTX 2.0 surfaced some time in the past. Now, new CEO John J. Ray III has just lately been engaged on a reboot proposal, in response to the most recent courtroom filings.

Ray has beforehand hinted that FTX will reenter the cryptocurrency change market, and his remarks gained weight after it was revealed that the group had recovered greater than $7 billion in property from the bankrupt platform. .