Resurrect! FTT surges 30% amid news that Binance faces heavy fines

FTX Token (FTT) resurrected! Today it jumped 30%, ranking among the top 100 coins with the highest price increase amid news that Binance agreed to pay a fine from the US government. and the CEO resigned

FTT is the token of FTX, the former second-largest exchange in the world, a rival to Binance, which held the number one position in the world. Before FTX became legendary after announcing its bankruptcy filing in November 2022 along with his resignation. by Sam Bankman-Fried CEO and Founder

After the US Department of Justice fined Binance $4.3 billion and is one of the largest corporate fines in U.S. history. It turns out that FTX’s FTT token is up over 30% in the past 24 hours. It rose as high as $4.8783 this morning. before being sold for profit, pulling the price down

However, although it appears that the price jumped in the 24 hours after news of the Binance fine, FTT’s price has actually been trending upward since November 9, or more than a week before the Ministry of Justice announced its latest lawsuit against Binance.

On November 9, FTT opened at $1.34 before rising to a high of $5.51 on November 10, or +310%, after Mr. Gary Gensler, Chairman of the US SEC, came out to comment on the situation. Yes, in the case that FTX wants to return to open for service again. If there is appropriate leadership and commitment to comply with the requirements of the law.

However, it’s a good picture if FTX can open again, but that’s still a matter of uncertainty. And it does not mean that the damage and pain of investors around the world from the collapse of the FTX exchange can be alleviated.

Incidentally, FTT’s all time high (ATH) was $85 on Sep 9, 2021 (current price -94.7% from ATH level 2 years ago). The all time low (ATL) was $0.7763. On June 10, 2023 (Price now +480% from ATL level 5 months ago)

Binance’s BNB falls more than 10% after news of $4.3 billion fine But this morning it has recovered along with the overall market. It rose more than 2% to $237 at the time of the report.

Source: dailycoin coinmarketcap