Bitcoin and Ether continue climb, FTT 200% higher in a week

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Last Updated on 6 November 2023 by CryptoTips.eu

The largest digital currencies, Bitcoin and Ether, are moving higher (and rising faster than stocks right now) after investors were assured that even the possible bankruptcy of Genesis trading was already priced into the market.

At the time of writing, Bitcoin is trading at $22,600, its highest level in 4 months, and Ether is selling at $1,600. Altcoins follow suit but the most notable one this week was the resurgence of FTT, the currency of the FTX platform. Watch out for a crash of that coin of course.

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300% higher

On 1 January 2023, FTT, the digital currency of Sam Bankman-Fried’s now-defunct crypto platform FTX, traded for 84 cents. Today the price is a good 300% higher, at around $2.30. FTT is therefore at its highest level since November 2022.

Mind you, the FTX company is still bankrupt, but since the new CEO, John J. Ray III, who is set to settle the bankruptcy, stated last week that he might want to restart the crypto platform to generate money, things are back in full swing for the coin.

In just a few days time, FTT rose 200% at a very high volume. Beware of a dump, of course, as no one knows how this will end.

Stakeholders

This Thursday, the Wall Street Journal published a first-ever interview with FTX’s new CEO, John Ray III. The man was appointed to settle the bankruptcy, recover customer funds and ensure that the entire bankruptcy proceedings, one of the largest in American corporate history, would go as smoothly as possible.

According to John Ray, it is possible that the crypto platform will be restarted to recover sums and generate money. Some creditors would be willing to see if they could recover some of their investment that way. John Ray said:

There are stakeholders we’re working with who’ve identified what they see is a viable business.

To look into this, he has appointed a group of lawyers to investigate a possible restart of FTX.

Everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it.

He stated

Since then, the FTT token has been going up smoothly. Analysts say they are speculators hoping that FTT can return to normal levels, although it would have to rise another 1,000% to do so, which seems unlikely to us.

Note that FTT could of course collapse again if John Ray declares the plan is off the table next week.

VitalikRadko / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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