Altcoin

FTT token hits new all-time high at $66 following FTX’s LedgerX acquisition

  • FTT reached a new all-time high of $66 earlier today
  • The token is now the second-largest centralized exchange token, only behind Binance’s BNB
  • FTX’s LedgerX acquisition served as the catalyst to FTT’s latest rally

FTX has acquired LedgerX, and the move has spurred the FTT token to reach a new all-time high.

FTT token reaches a new all-time

The FTT token has reached a new all-time high price earlier today after surpassing the $66 mark. The native token of the FTX cryptocurrency exchange rallied as the broader crypto market embarked on a rally.

At the time of FTT’s rally, Bitcoin touched the $50k level once again, Ether surpassed the $3,700 mark, while Cardano set a new all-time high at $3. FTT’s market cap is now above $6 billion, making it the second-largest centralized exchange token, only behind Binance’s BNB.

FTT’s price has slightly retraced over the past few hours, and it is currently trading at $61 per coin.

LedgerX’s acquisition a big boost for FTX

FTX’s acquisition of LedgerX contributed to the FTT token’s rally over the past 24 hours. FTX announced earlier this week that it had agreed to acquire LedgerX, a CFTC regulated digital currency futures & options exchange and clearinghouse. The acquisition would pave the way for FTX.US to start providing derivative trading services to its customers in the United States.

Brett Harrison, President of FTX.US, stated that “We’re excited to take this step and work with US regulators to ensure compliance with the existing derivatives licensing regime. We believe it is incumbent upon the industry to be proactive and to seek out working relationships with regulatory groups like the CFTC to help shape the future of our industry.” FTX has been one of the fastest-growing cryptocurrency exchanges in the world over the past year.

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