FTT price pumps 12% as market reacts to FTX reboot news

• The FTX Token price rose more tha 12% on Tuesday to trade at highs of $1.16.
• FTT’s upside bounce came as latest court filings showed there are efforts to reopen the collapsed crypto exchange FTX.
• Sam Bankman-Fried’s FTX filed for bankruptcy in November 2022, but the team led by new CEO John J. Ray III has hinred at plans to restart operations.

The FTX Token saw fresh upside action on Tuesday, rising double digits to hit intraday highs of $1.16 across major trading platforms.

According to data from Coingecko, the price of the FTX Token was up 12% in the early afternoon during the US trading session. The intraday trading volume for the FTT/USD pair was $28,322,396 over the past 24 hours as of writing, signaling a surge in trading activity of about 395%.

FTT, which traded to highs of $84.18 during the last bull market, was priced around $1.12 to currently change hands at a 98.67% discount from that peak.

Why is FTX Token price surging?

The top 10 cryptocurrencies were all trading green on Tuesday afternoon as the crypto market looked to bounce from recent losses catalysed by the overall uncertainty across risk asset markets.

As stocks struggled with indecisiveness following an impasse on US debt ceiling talks, Bitcoin was attempting to solidify gains above $27k. Ethereum price, which like Bitcoin has suffered from drying volume, was up to $1,860.

But gains for the top digital assets paled in comparison to those of FTT. The token’s price, which fell to practically zero in late 2022, was soaring on positive sentiment around the potential reopening of the collapsed crypto exchange FTX. 

Reports about an imminent move in this direction has translated into more demand for the platform’s native token.

When will FTX 2.0 land?

While no definite timeline is in place, FTX’s likely revival has looked more and more concrete since the FTX 2.0 talk surfaced a while ago. Now the latest court filings show new CEO John J. Ray III has recently worked on the reboot proposal.

Ray has previously hinted at the reentry of FTX into the cryptocurrency exchange market, with his remarks gaining footing as the team was revealed to have recovered more than $7 billion worth of bankrupt platform’s assets.