How far has it gone to restart FTX? Will FTT soar into the sky?

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jk
3 months ago
This article is approximately 715 words,and reading the entire article takes about 1 minutes
In one sentence from Gary Gensler, FTX assets doubled.

Original - Odaily

Author - jk

How far has it gone to restart FTX? Will FTT soar into the sky?The possibility of the FTX exchange restarting has attracted widespread attention in the industry. FTX, once one of the worlds largest cryptocurrency trading platforms, is now at a new crossroads after experiencing a sudden collapse last year. With the participation of multiple bidders and changing market conditions, the future of FTX is full of uncertainty, but it is also pregnant with major changes.

After Gary Gensler spoke, FTT rose 90% in the short term

On Thursday, November 9, local time in the United States,FTT, the token of the collapsed exchange FTX, rose by about 90%, rising from a low of around $1.8 to a high of over $3, before gradually falling back to around $2.7. As of press time, FTT is currently trading at 2.74 USDT, a 24-hour increase of 24%. The 24-hour trading volume is now at $393 million, an increase of 83.03%. This high today is also the highest high in the past 7 months for the FTT token.

This major boost came as SEC Chairman Gary Gensler said,“If Tom (former NYSE president who now runs a major bidder firm trying to revive FTX) or anyone else wants to get into this space, I would say do it within the framework of the law.”

Gary Gensler also said, “Build investor trust in what you’re doing and make sure you’re doing the proper disclosures but also not conflating all of these (exchange’s) functions and not being a counterparty to your clients. , or misappropriate their crypto assets.”

This statement was made publicly while participating in FinTech Week in Washington, DC. Gary Gensler also said before:“We would never have the NYSE open a hedge fund and then become a counterparty to clients on the exchange.”

Odaily previously reported that FTX creditors may receive an additional $391 million in distributions due to the recent increase in FTT.FTX and Alameda addresses hold approximately 267 million FTT (76% of the total supply), and their FTT value jumped from $334 million to $726 million. That said, Gary Gensler’s words could double FTX’s remaining assets.

Who are the three bidders?

Last month, a banker who advised FTX on the auction process said at a hearing that the company received interest from more than 70 parties, but it was ultimately whittled down to three: Gary Gensler mentioned, and one led by former New York Stock Exchange President Tom Bullish, a cryptocurrency exchange run by Tom Farley, Figure Technologies, a fintech startup, and Proof Group, a crypto venture capital firm. It is reported that CoinDesk previously reported Proof’s bid; the other two have not been reported before. Theres no guarantee a deal will eventually be struck and another bidder could emerge.

Bullish is a subsidiary exchange of Block, registered in Gibraltar. It mainly targets institutional customers and currently does not provide services to US users. Figure Technologies uses blockchain technology to provide financial services, while Proof Group is a Silicon Valley investment group that won the acquisition of bankrupt Celsius and is an investor in Aptos and Sui.

According to Coindesk, the plans will be sent to the Delaware Bankruptcy Court for review and a decision will be made in mid-December.

Why is there this increase?

The general mood on Twitter about the rally was positive, with some users feeling FTT would return to all-time high levels — like $80, so hold on, said one Twitter user.Most of the optimism mainly comes from the status of FTT after the restart of FTX. Many people believe that the restarted FTX will be cleaner and more compliant. If it re-adopts FTT, this will be a major benefit to it. .

However, there is no final word yet on the FTX restart, and there is no certainty as to whether the restarted FTX will adopt the previous FTT or even whether there will be an exchange token.

Regardless of the outcome, this turning point for FTX will undoubtedly go down as a significant moment in cryptocurrency history. It is not only related to the fate of FTX, but will also have a profound impact on investor confidence, market regulation, and the long-term development of the cryptocurrency ecosystem. Odaily will continue to track coverage as the acquisition progresses and more information is disclosed.

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