The FTX Token price surged Tuesday, hitting intraday highs of $1.16. According to Coingecko, the FTT/USD pair had seen a 12% increase in price, with a 24-hour trading volume of $28,322,396, representing a 395% surge in activity.
The positive sentiment for the token was driven by recent court filings which suggest a potential reopening of the collapsed crypto exchange FTX. Sam Bankman-Fried’s FTX filed for bankruptcy in November 2022, however new CEO John J. Ray III is leading the team in their efforts to restart operations.
The FTX Token was trading at a 98.67% discount from its peak price of $84.18, seen during the last bull market. The overall crypto market was looking to bounce back from recent losses, with Bitcoin attempting to solidify gains above $27k and Ethereum up to $1,860.
To date, there has been no definite timeline for the return of FTX 2.0. However, CEO Ray has hinted at the reentry of FTX into the crypto exchange market, and team members have reportedly recovered more than $7 billion worth of the bankrupt platform’s assets.
This news has helped to create more demand for FTT, contributing to the token’s surge in price.