Due to its significant parabolic rise, FTX Token (FTT) has been able to reimburse investors for their initial investment gains. FTT surged as high as 53.30% with its price hitting $4.10, by far the highest price point for this year, in an attempt to maintain its most recent upswing.
As a result of the collapse of the FTX derivatives market, FTX Token has essentially recovered all of the losses it has incurred from the year’s beginning. Following the performance of FTX Token, it can be observed that the biggest recovery occurred within the last two weeks following the conviction of FTX’s creator and former CEO, Sam Bankman-Fried.
Investors may have thought that the negative attention that FTX had received was finally over, and that for the time being, facing the future continues to be the major objective. The currency has seen a 250% increase in seven days and a 307% increase in monthly growth due to the enthusiasm in the FTX ecosystem.
The persistence of these upward patterns indicates that confidence in FTT, an altcoin that formerly held an all-time high (ATH) of $85.02, is progressively growing again.
Ultimate FTT trigger
FTT’s remarkable bullish recovery over the last month coincides with rumours that the trading platform may be reopened. The list of potential purchasers has been reduced to former New York Stock Exchange President Tom Farley, who has the support of SEC Chairman Gary Gensler.
Important stakeholders seem to think that FTX can be reactivated if confidence has been restored and the new organisation is forced to abide by current regulations. Interestingly, the exchange’s current administration has recovered up to $7 billion to pay off the company’s creditors, a move that has positive effects on all fronts.
