Here's Why Cryptocurrency FTX Is Soaring Today
The FTX Token (CRYPTO: FTT) is up 16.7% in the past 24 hours to $69.37 apiece as of 10:30 a.m. EDT today. It has now become the 27th largest cryptocurrency in the world, with a market cap of $6.423 billion. Two days ago, its developers acquired LedgerX, the first trading platform for cryptocurrency derivatives approved in the U.S.
Image source: Getty Images.
LedgerX has brokered over 10 million cryptocurrency options and swap contracts since its inception in 2017. The move would enable regulatory-approved products, such as Bitcoin and Ethereum futures, to be traded on the FTX derivatives platform as well. Approximately $350 million worth of cryptocurrencies changed hands on FTX in the past 24 hours. The platform also runs Blockfolio, a popular cryptocurrency portfolio tracking app with over 1 million downloads on Alphabet's Google Play.
Source Fool.com
