The FTX Crypto Exchange has been collapsed in 2022 for three years now, which obtained billions of dollars in investor and creditors with it. In recent years, the bankruptcy procedure has ended and the creditors have received a reimbursement plan. Now, with the reimbursements already started, another branch of $ 1 billion should be disbursed to creditors, and this is something that could have an impact on the market.
Why the disbursements of Crypto FTX could have an impact
The Crypto Axel analyst went to X (formerly Twitter) to reveal an important development to come for the cryptography market. This time, this is the fact that the FTX Crypto Exchange is about to treat $ 5 billion in creditors at the end of the month. More importantly, these payments should be made in stablecoins.
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The importance of this is the fact that, unlike previous disbursements, stablecoin payments make sure that there is nothing to empty on the market. It is this money that returns to the market. However, a pump would depend on the story of the place where these funds would end once distributed.
Distributions should be released on May 30, which could exert a lot of purchase pressure on the market. As the Crypto analyst explains, the time of this distribution could not be better. The reason is that the price of bitcoin always oscillates near the heights of all time, and the Ethereum Price is still up.
With the distribution of $ 5 billion, the cryptography analyst does not expect investors to leave only the grounds sitting in their wallets. In addition, they will not only withdraw their funds and leave. Indeed, it is investors who are already used to the market. It is therefore likely that they end up reinvesting on the market.
“Most of them stayed in crypto despite the FTX breath, now they recover their bags, and they will rotate this liquidity on the market,” said Axel. If these investors finish on the market, it should trigger a rally on the market.
The crypto analyst has also revealed targets for the market in the event of a rotation. For the price of Bitcoin, the expectations are that this influx of liquidity will push the main cryptocurrency greater than $ 120,000. This increase should trigger the next Altcoin season. “The eyes of May 30,” said crypto analyst. “It looks like the next leg.”
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