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FTX News: During a court hearing on Wednesday, FTX’s attorneys from Sullivan & Cromwell revealed that the management is mulling over the possibility of reopening the crypto exchange in the second quarter of 2023 while it navigates through its bankruptcy process. In light of this news, FTX’s native cryptocurrency, FTT, soared by almost 25% in the past one hour while recording a staggering 105% gain over the course of 24 hours.
Optimism Grows For Affected Coins
Even though the FTX attorneys haven’t formally presented a resurrection plan — which would then be submitted to the court for approval — the mere proposition of reviving the deranged crypto exchange seems to be enough for pushing the token higher. Following the release of the news, the price of FTT increased to just above $3, as its 24-hour trading volume skyrocketed over 2000% across exchanges.
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This begs the question of whether a similar rally could be anticipated from coins that fell victim to FTX’s colossal demise. Due to their close proximity with the FTX empire — whether through investments, credit lines or other exposures — coins such as Solana, Cronos, Nexo and Near were severely affected as they bore most of the brunt than other altcoins during that point of time.
Signs Of An Impending Rally?
As a result of the ongoing optimism surrounding the FTX exchange, Solana’s price witnessed a significant upward tick of 5% while NEAR boasted gains of 7.8% in a matter of few minutes. Meanwhile, both Cronos and Nexo exhibited marginal gains above 1% in minutes following the FTX news.
If in case, FTX.com does get rebooted or an official strategy is presented in its reorganization plan — scheduled to be presented in July — these coins might get a further boost in price and help in regaining its earlier prowess that got lost in the gruesome aftermath of the FTX collapse.
As evident by FTT’s recent surge in price, FTX’s possible comeback has been met with much optimism by FTT traders and investors alike. However, the larger crypto community is still in doldrums of its efficiency as the trust appears to have faded due to Bankman-Fried’s reckless business operations coming to light. Just recently, it was revealed that SBF joked around with his associates about squandering and losing track of crypto funds to the tune of $50 million.
As things currently stand, the price of FTT is exchanging hands at $2.65 during the course of writing.
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