FTX coming back – Is the return explained in all cases? After such a big crash, they seem not to give up. If we go back a few months and remember the collapse of this crypto exchange, it will help us to make a correct analysis of the current events.
In November, the crypto market was rocked by the potential bankruptcy and collapse of the world’s second-largest exchange, FTX. Cryptocurrency prices have fallen sharply. This crypto madness and uncertainty were also clearly reflected in the price of the FTX token. In particular, the price of the cryptocurrency FTT decreased by 70% in 24 hours.
What Happens Now?
The price of FTT, the native token of FTX, has increased by 85% as the formerly bankrupt crypto exchange announces its intention to make a comeback. The cryptocurrency’s price shot up from $1.31 to $2.45.
The FTX might reopen soon and this made its FTT token price more than double. This means that Some part of the traders is happy about the FTX reopening. But remember, the price of cryptocurrencies can change quickly, so be careful when you decide to invest in them.
Positive sides of a comeback: It’s not clear when or how FTX will reopen or what it will look like. But, the lawyers are considering the possibility of reopening, which is a good sign. It could help restore confidence in the cryptocurrency market by showing that exchanges can recover from past issues and improve their services.
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Negative sides of a comeback: There is a risk that the same issues that led to the shutdown of the exchange in the first place could resurface, which would be a negative consequence. If the underlying problems that caused the original shutdown are not addressed completely, investors could again face the risk of losing their assets.
So, only time will tell the turn of events.
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Some Latest News
1. Decentralized finance (DeFi) exchange Uniswap has launched a mobile wallet application to promote wider DeFi wallet adoption. This is also to support on-the-go trading, according to a Thursday press release.
2. The WhiteBIT exchange has recently announced the launch of a testnet for their new blockchain. A testnet is a type of network used for testing the functionality and features of a blockchain in a simulated environment without using real digital assets.
3. Twitter and eToro have inked a partnership deal allowing users to trade crypto and stocks from the app. Users can also view market data related to a vast array of financial instruments.
4. Mastercard has been one of several legacy companies rooted in traditional finance to jump into the Web3 space, having been involved in a number of Web3 initiatives in recent years.
5. Twitter has partnered with the trading app eToro as the microblogging site’s CEO pivots his company towards becoming a “super app.”
Victor Del Pino
I write about cryptocurrency and blockchain technologies. Not only with the expert content, but also with the analysis of digital assets and about the most popular crypto assets. I am also an experienced UX writer with over 2 years of experience.