FTX Token (FTT) Jumps 20% Following the Binance-DOJ Settlement: Details

2023-11-23 10:17:17

TL;DR

FTT, the token of the defunct crypto exchange FTX, has seen a significant rise in value, increasing by over 20% in 24 hours and 310% monthly, possibly influenced by the overall bullish trend in the crypto market, with Bitcoin and Ether reaching yearly highs.
Rumors of FTX’s potential revival, hinted at by SEC Chairman Gary Gensler, have also been a driving factor in FTT’s price surge, suggesting a possible comeback within legal frameworks.
FTT’s ascent may be further fueled by the recent turmoil at Binance, including a $4.3 billion money-laundering settlement and the resignation of CEO Changpeng Zhao, which coincided with a market correction and a drop in Binance Coin’s value.

What’s Driving FTT Up?

The cryptocurrency market has experienced enhanced volatility lately, with many assets, including Bitcoin (BTC) and Ether (ETH), charting substantial price swings. Surprisingly, one of the best performers as of late has been the native token of the now-defunct crypto exchange FTX – FTT.

Its valuation has surged by over 20% in the past 24 hours and a whopping 310% on a monthly basis (per CoinGecko’s data).

FTT Price, Source: CoinGecko

FTT’s impressive ascend started at the beginning of November and could be attributed to the overall bullish sentiment reigning in the industry back then. Recall that BTC spiked to a yearly high of almost $38,000, whereas ETH surpassed the $2,100 level

Another factor pushing FTT’s price up could be the rumors that the revival of the former crypto behemoth FTX is just around the corner. Not long ago, the Chairman of the US SEC – Gary Gensler (known as a huge critic of the cryptocurrency sector) – said such a restart could indeed be in the cards,advisingit should be done “within the law.”

The Binance Drama

Last but not least, FTT’s surge could be connected to the recent turbulence surrounding the world’s largest cryptocurrency exchange – Binance. The lattersettledmoney-laundering charges with the US DOJ and agreed to pay a whopping $4.3 billion fine, while former CEO Changpeng Zhao (CZ) resigned from his post

The turbulence has caused a slight correction in the cryptocurrency market, while Binance Coin (BNB) was among the most affected assets. It has plunged by approximately 7% for the past week, currently trading around $235.

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