January 19, 2023
In November of 2022, FTX’s CEO stepped down and the company filed for bankruptcy, resulting in a new CEO, John Jay Ray III.
- The CEO is currently overlooking the bankruptcy proceedings of FTX in the United States. He states that the exchange that could make a comeback is FTX.com, which was operating on a global level.
- $5B in assets were recently “discovered”, of which $529M is FTT.
- Perhaps this news has boosted FTT’s price.
FTT opened at $2.2556 (Jan 19, 2023) and has since increased by 29% at time of writing. The past seven days the coin’s value has increased by about 85%.
Image from TradingView: FTT-BUSD 1hr interval, Jan 12 to Jan 19, 2023.
Image from TradingView: FTT-BUSD 15m intervals, Jan 19, 2023.
The tricky part of FTT’s rise is how much of that value can be captured. Selling their assets of FTT would likely drop the price significantly. This news is still in the process of being developed. For now, all we know is that FTT has increased at a rapid rate and John Jay Ray III believes that FTX might just be able to make a comeback. Only time will tell.
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