FTX Will Be Revived Again, FTT Crypto Prices Increase 80%

JAKARTA - FTT, an FTX crypto exchange token, rose tremendously by more than 80% a day, after news circulated that Tom Farley, the former president of the New York Stock Exchange (NYSE), was interested in buying and reactivating this collapsing crypto exchange.

FTT is a token that serves to pay transaction fees, get discounts, and allow owners to participate in the loyalty program on the FTX exchange. FTX is a crypto exchange founded in 2019, which provides a variety of derivative trading products, such as future contracts, options, and tokenized stocks.

FTX was once one of the leading crypto exchanges in the world, but faced major difficulties in 2021, when regulators in many countries banned or restricted the exchange's activities.

On Thursday, the price of the FTT jumped, from the lowest level of $1.22 (Rp19,116) to the highest level of $2.38 (Rp37,230). This increase was triggered by an article by the Wall Street Journal citing an anonymous source that said Tom Farley, who led the NYSE Group from 2014 to 2018, was one of the prospective buyers of FTX.

According to the article, Farley plans to make FTX a more regulatory crypto exchange, which can attract institutional and retail investors. Farley is also rumored to have a good relationship with regulators, such as the SEC, which can help FTX get permission to operate in the US market. WSJ further noted that Farley has raised funds around 300 million (IDR 4.7 trillion) to fund this acquisition plan.

This news soon sparked speculation among crypto enthusiasts, calling the plan FTX 2.0. Many people hope that FTX 2.0 can restore FTX glory, and provide impetus for the overall crypto market. The trading volume of the FTT also increased, reaching $485.99 million (IDR 7.6 trillion) on Thursday, making it the 13th most traded crypto asset among more than 10,000 other crypto assets.