"You must not have thought that the price of FTT could go up like that."
After facing a drastic plunge due to the collapse of the cryptocurrency exchange FTX, the FTT token it was founded on has seen a significant rise as its price today broke through $2.83 from $1.22 on November 8, 2023.
The surprise move comes as Securities and Exchange Commission (SEC) chairman Gary Gensler said anyone who wants to get involved in crypto should do so legally following a series of bids to reboot FTX.
Gensler's statement was in response to a question about whether former New York Stock Exchange President Tom Farley wanted to buy FTX.
Therefore, the United States (US) regulator also stated that anyone who intends to buy FTX should build investor confidence and make sure to make proper disclosures and not use their crypto for their own purposes.
In the immediate aftermath of FTX's former Chief Executive Officer (CEO) Sam Bankman-Fried (SBF) receiving a guilty verdict on seven criminal charges last week, there are several groups vying to take over FTX.
Despite the optimism about the possible relaunch of FTX, a number of institutional traders expressed their concerns about the crypto exchange which has many weaknesses and issues.
Looking at the price chart, FTT needs to break through its resistance zone at $4.75 first to continue rising higher if it fails then the price can slide back to $2.39 or $1.88.
As of this writing, FTT price has surged by 48.18% at $2.61 in the last 24 hours with a market capitalization of $854 million then recorded a 110.60% climb over the last week.
