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Home » $16 billion to fuel cryptocurrency explosion
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$16 billion to fuel cryptocurrency explosion

activepulsnewsBy activepulsnews29 September 2024Updated:5 October 2024No Comments4 Mins Read1 Views
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Next week could be an important milestone for the crypto market, as perhaps one of the most anticipated repayment processes of bankrupt derivatives exchange FTX begins.

However, with nearly $16 billion set to be returned to crypto traders, analysts believe buying pressure on Bitcoin, especially altcoins, will rapidly increase. This wave of repayments will be a great opportunity for investors who missed out on investments during the August market correction.

FTX repayments will start soon: important dates for claimants

These future repayments will join the long aftermath of the infamous financial meltdown, in which many traders suffered huge losses due to the infamous actions of former CEO Sam Bankman Fried. . In response to this situation, the exchange has amended its restructuring plan to give affected traders the opportunity to make full repayments according to the prescribed deadline.

The distribution, which all investors are looking forward to, will take place after one of three “omnibus hearings” scheduled for October 22, November 20, and December 12, 2024. It is planned. The hearing should aid in the overall repayment process to all claimants. .

If the Chapter 11 plan is approved by the District of Delaware by Oct. 7, payments to victims could begin well before the end of the year. Unfortunately, those who fail to file a claim by September 29, 2023 will not be eligible for a refund.

Will $16 Billion FTX Repayment Spark a Massive Crypto Bull Market?

The crypto industry is buzzing with excitement, with many speculating that the upcoming capital injection could create the biggest bull market in history.

The bulk of the FTX repayments are expected to flow back into the market, starting at $16 billion, and this is one of the very unique situations where investors who are already invested in cryptocurrencies will benefit.

Recipients will likely try to reinvest the repayment amount into cryptocurrencies, but the bulk of it goes into major cryptocurrencies like Bitcoin and Solana. This could mean significant growth for the market, and the last few months of the year could be a very important time to watch.

However, in May of this year, one of the lawyers representing exchange Sunil Kavri’s creditors announced that the compensation plan should be repaid in virtual currency rather than converted into dollar value in bankruptcy. opposed.

SEC puts repayment plans in jeopardy

Earlier this month, the Securities and Exchange Commission expressed concern that it could jeopardize FTX’s repayment plan and slow the now-defunct cryptocurrency exchange’s progress in repaying its debt.

Regulators have challenged the company’s plan to use stablecoins to repay creditors, throwing new uncertainty into the exchange’s highly scrutinized bankruptcy case. As such, Coinbase CLO Paul Grewal criticized the SEC, saying the regulator wants to maintain uncertainty regarding the rules for cryptocurrencies.

The Aug. 30 filing points to potential complications in the proposed compensation process. While stablecoin payments are not necessarily illegal, they can have legal consequences due to the crypto assets involved.

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Teuta

Teuta is a veteran writer and editor with over 15 years of experience in the macroeconomics, technology, cryptocurrency and blockchain industries. He started his career in 2005 as a lifestyle writer for Cosmopolitan magazine in Croatia and went on to cover business and economics for prestigious publications such as Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing that cryptocurrencies are one of humanity’s most important inventions. Her fintech efforts began in 2014 and focused on cryptocurrencies, blockchain, NFTs, and Web3. Known for his excellent teamwork and communication skills, Teuta holds a double master’s degree in political science and law, loves punk rock and Chablis, and has a passion for shoes.

Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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