FTX’s token rate rises by 58% per day

What’s new? Over the past 24 hours, the rate of the native token of bankrupt crypto exchange FTX (FTT) jumped by 57,6% to $4,68. The growth comes amid the accumulation of the asset by investors. According to experts of the analytical platform Santiment, since November 3, the 10 largest owners have added 2,91 million FTT to their wallets to the amount of $12,8 million. Since then, the asset’s exchange rate paired with bitcoin has risen by 255%.

Source: Twitter.com

What else is known? A day earlier, Santiment also noted that amid the situation around Binance, some traders started exchanging its BNB tokens for FTT coins. As a result, FTT significantly outperformed the market average rate of return, becoming one of the few major altcoins to show growth.

Source: Twitter.com

Thus, Binance as part of the settlement of claims of the US Department of Justice admitted guilt in involvement in money laundering, agreed to pay a fine of $ 4,3 billion, and allowed local officials to join the supervisory board. Changpeng Zhao, the exchange’s founder, has stepped down as CEO and is awaiting sentencing on February 23 next year. In this, the Ministry of Justice demanded to ban him from leaving the country.

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As a result, the exchange saw an outflow of funds totaling more than $1,5 billion for the second day in a row, and its bitcoin reserves decreased by 5000 coins. BNB’s exchange rate collapsed by 14% on November 21 but began to recover by November 23.

At the same time, the date for the announcement of the results of negotiations on the FTX relaunch is approaching. The new managers of the exchange reported that by mid-December they will present a plan for reorganization and return of funds to clients. Three scenarios are being considered: selling the entire exchange, including its 9 million customer base, hiring a partner for the relaunch, or restarting on their own.

Earlier this month, the FTT exchange rate had already seen a sharp jump, rising even above current levels. On the back of SEC chief Gary Gensler’s announcement that FTX could be restarted subject to compliance with laws, FTT added 334% in 24 hours to reach $5,3, the highest since last November when the exchange went bankrupt.

Some investors are likely expecting a successful relaunch of FTX, considering this new platform as a regulated alternative to Binance.