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FTX Token Takes Off as Money Moves in From BNB Token
- FTT, the native token of fallen exchange FTX, has posted gains of 30% in the past 24 hours alone.
- The surge in volume comes as investors move money away from Binance Coin (BNB) following charges laid against the exchange over the past few months.
- It appears several business leaders are attempting to revive the FTX exchange, which has helped push up the price of FTT over the past fortnight.
- The SEC has confirmed they would not prevent a FTX resuscitation, as long as it was all above board.
Irony is not lost on the crypto community. A year following the demise of the FTX exchange – spurred by inflammatory tweets from Changpeng Zhao, then boss of rival exchange Binance – it appears the tables have turned.
With CZ formally stepping down as CEO of the exchange and Binance facing a litany of charges from both the Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), investor money is pouring out of Binance Coin (BNB) and back into FTX’s native token, FTT.
FTT Outperforms Most Assets During Sideways Week
After an exciting past six weeks, the crypto market has cooled off of late, with most coins trending sideways or consolidating at a lower support level. However, the same can not be said for FTT, the FTX exchange’s base coin, which has outperformed most competitors in the past few days. Although the trading platform has been defunct for the best part of 12 months now, the associated coin has never stopped trading and is starting to surge.
The past 24 hours have seen FTT post gains of 32% on the back of Binance’s qualms and investors moving money out of the exchange.
However, the upwards trajectory of FTT had been building momentum since earlier in the month, when it was announced a potential comeback for the FTX exchange was on the cards. Although nothing has been confirmed yet, we know several suitors are vying for control over the dormant platform, with SEC Chair Gary Gensler confirming they would accept an FTX revival if it abided by all relevant laws.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
