Shiba Inu Community Destroys 35 Million SHIB, Will It Shift The Momentum?<\/a><\/div>\nThe market is reacting positively to the news, despite the unclear issues. FTX\u2019s FTT continues to trend to the upside and breached critical resistance at $2.17; if the uptrend continues, the token might target $2.70 for the first time in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
Failed crypto exchange FTX\u2019s native token, FTT, is expiring upside volatility, recording important profits over today\u2019s trading session. The token is reacting to the news of FTX\u2019s potential relaunch. Related Reading: Over 3,000 Validators To Withdraw After Ethereum Shanghai Upgrade As of this writing, FTT is trading north of $2 for the first time since February and could continue to reclaim previously lost territory. The token moved sideways for months, and today\u2019s news was the first time it recorded positive price action. FTX To Relaunched? FTT Traders Go Long According to a report from Reuters, FTX\u2019s bankruptcy proceedings have been partially successful. The company\u2019s new administration recovered $7,3 billion in fiat and digital assets, according to FTX attorney Andy Dietderich, that testified in a U.S. bankruptcy court hearing. This amount represents an increase of around $1 billion in the company\u2019s effort to recover its users\u2019 funds. The failed crypto exchange is evaluating its options after spending months \u201ccollecting resources\u201d and trying to figure out what went wrong under the previous administration, led by its founder Sam Bankman-Fried. In that sense, Dietderich claims that the company overcame the \u201cworst\u201d of its situation and can start thinking about re-opening operations. FTX\u2019s new CEO, John Ray, has been hinting at relaunching the crypto exchange for some time. In an interview with the Wall Street Journal, Ray said the measure could allow them to \u201crecoup value\u201d for their clients. A separate report from CNBC claims that FTX\u2019s intentions are \u201cunclear\u201d as the new administration needs to provide further details about a potential reboot. If FTX returns, can users withdraw their money and trade with digital assets, or will the company attempt to become profitable to repay its debts to creditors? \u00a0These issues and others related to taxation, security, and user experience still need to be answered. Daniel Tramel Stabile, a partner at law firm Winston & Strawn, told CNBC the following: When we talk about restarting \u2014 rebooting \u2014 it\u2019s not totally clear what they have in mind. There could be a rebooting in the sense of reopening the exchange with a limited purpose for getting assets off the exchange. Related Reading: Shiba Inu Community Destroys 35 Million SHIB, Will It Shift The Momentum? The market is reacting positively to the news, despite the unclear issues. FTX\u2019s FTT continues to trend to the upside and breached critical resistance at $2.17; if the uptrend continues, the token might target $2.70 for the first time in 2023.<\/p>\n","protected":false},"author":535,"featured_media":526675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87394,86845,71704],"class_list":["post-526674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftt","tag-fttusdt","tag-ftx"],"acf":[],"yoast_head":"\n
FTT Token Surges 45% As FTX Explores Reboot<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n