FTT Price Surge – Michael van de Poppe Wouldn’t Recommend Buying $FTT Token – Here’s Why

FTT Price Surge – Michael van de Poppe Wouldn’t Recommend Buying $FTT Token – Here’s Why

Time Stamp: April 13, 2023 5:56 AM
FTT Price Surge – Michael van de Poppe Wouldn’t Recommend Buying $FTT Token – Here’s Why PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The bankrupt cryptocurrency exchange FTX is considering reopening its business according to its attorney from Sullivan & Cromwell during a court hearing on Wednesday. Andy Dietderich, the lead attorney for FTX, told the court that re-starting the exchange was one of many potential options being considered for the future of the company.

“There are possibilities that customers could have the option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward,” Dietderich said.

Following the announcement, FTX native coin surged nearly 100 per cent in the past 24 hours to trade around $2.32 on Thursday. Nevertheless, FTT is down over 97 per cent from its ATH around $84.18 achieved in late 2021.

Warning on FTX and FTT 

Having registered significant gains in the past day compared to other altcoins, there is a high chance that FTT coin has rejuvenated hopes of rallying further in the near future. However, renowned crypto analyst Michael van de Poppe thinks the pump could be a bear trap. Furthermore, the analyst thinks there is a slim chance that FTX will go live again. As a result, purchasing FTT coins currently is extremely risky for crypto traders.

Recovery Process

With hundreds of institutional investors and millions of retail traders waiting to be refunded their capital from FTX, current CEO John J. Ray III has gone the extra mile to recover as much funds as possible. In a recent report, FTX has recovered about $7.3 billion in liquid assets so far. However, the cash is far from the threshold of $32 billion allegedly squandered by SBF and other officials.

Meanwhile, a Swiss court has granted the FTX exchange a moratorium to explore the sale of its Europe arm, FTX  Europe AG. 

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