FTX (FTT) Price Goes Bullish as SEC Chair Gary Gensler Makes a Big Statement

FTX (FTT) Price Goes Bullish as SEC Chair Gary Gensler Makes a Big Statement

FTX-FTT Cryptocurrency Logo

/ FTX’s FTT token surges by 43% following SEC Chair Gary Gensler’s optimistic remarks about potential revival.

By Nilesh Hembade.

Date: 09 Nov 2023, 10:40 AM IST

In a surprising turn of events, FTX, the bankrupt cryptocurrency platform that made headlines due to its founder’s legal troubles, is once again capturing the attention of the cryptocurrency market. On Thursday morning, FTX’s native token, FTT, experienced a significant bullish trend, with a remarkable +43% surge in the last 24 hours. As of the time of writing, the FTT token is trading at $1.71, boasting a market capitalization of $570 million.

This sudden upswing in FTT’s price is attributed to a statement made by Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC). Gensler, who oversees regulatory matters in the world of finance and cryptocurrencies, made a statement that, FTX crypto exchange could be rebooted under new leadership.

FTX has been under intense scrutiny and faced significant challenges in recent times. The platform’s founder, Sam Bankman Fried, received a severe legal blow when he was sentenced to a maximum of 115 years in prison after being found guilty of misusing users’ funds. This development shook the cryptocurrency community and cast a cloud of uncertainty over the future of FTX.

However, Gensler’s statement has introduced a new narrative. While the details of what “new leadership” might entail remain unclear, the notion of a potential revival for FTX has sparked enthusiasm among cryptocurrency enthusiasts and investors. The market’s positive response to Gensler’s words is evident in the impressive surge in FTT’s price over the past 24 hours.

As the cryptocurrency world eagerly awaits further updates and clarification regarding the future prospects of FTX, the market’s newfound optimism has given rise to a sense of renewed hop

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