"It's good that there is progress instead of sitting still and doing nothing".
The fall was not forever when FTX's new Chief Executive Officer (CEO) John J. Ray lll managed to soar FTX cryptocurrency (FTT) after planning to rebuild the company.
The price of FTT is found to have surged more than 73% breaking through the $2.60 level in the past seven days after a continuous decline.
This follows as Ray restructures the FTX business empire by assembling a task force to launch FTX.com.
Even so, the price of FTT gave a positive reaction due to purchases by speculator investors compared to long-term investors who began to lose faith in FTX immediately after the company filed for bankruptcy in the United States (US).
Meanwhile, FTT is the same as other cryptos that want to expand transactions to the exchange by giving discounts to their holders, but unfortunately the digital asset is also one of the reasons for the fall of FTX.
Clarified further, FTT not only consists of FTX's balance sheet but Alameda Research has used the digital asset as collateral to gain access to capital through both crypto lenders.
As of now, FTX has reached the position of the 208th largest crypto and has seen an increase of almost 28% in the last 24 hours with a market cap of $769 million, but is slightly down at the $2.12 zone.
