- FTX plans to distribute over $16 billion to creditors, potentially injecting substantial liquidity into the cryptocurrency market.
- Bitcoin could surpass $120,000, and Ethereum might rise above $12,000, driven by FTX’s payout and other bullish factors.
- Key dates: August 16 (voting deadline), October 7 (court decision), with payouts expected between Q4 2024 and Q1 2025.
Despite the present bearish mood in the crypto market, upcoming events could lead to a bull run. FTX plans to transfer more than $16 billion to its creditors which might change the current market conditions.
$𝟭𝟲,𝟬𝟬𝟬,𝟬𝟬𝟬,𝟬𝟬𝟬 𝗜𝗡 𝗦𝗧𝗔𝗕𝗟𝗘𝗖𝗢𝗜𝗡 𝗟𝗜𝗤𝗨𝗜𝗗𝗜𝗧𝗬 𝗪𝗜𝗟𝗟 𝗘𝗡𝗧𝗘𝗥 𝗧𝗛𝗘 𝗠𝗔𝗥𝗞𝗘𝗧
— Ash Crypto (@Ashcryptoreal) July 7, 2024![🚨]()
PEOPLE ARE WORRIED ABOUT MT. GOX DUMP AND THE OTHER BEARISH FACTORS, BUT THERE'S SOMETHING THAT WILL TAKE THE CRYPTO MARKET TO NEW HIGHS.
THE FTX IS PLANNING TO… pic.twitter.com/YjoVw6lCOs
It is anticipated that this distribution will significantly increase market liquidity and possibly push prices to all-time highs. FTX customers have until August 16 to vote, and Judge Dorsey will determine whether or not to approve the plan on October 7. FTX hopes to pay back creditors in two months if the court approves the plan, which means payouts will take place between Q4 2024 and Q1 2025.
Possible rate reduction, new FASB accounting standards, and the outcome of the next US elections will greatly impact the market. Given the involvement of most FTX customers in the crypto market, it is very likely that a significant portion of the $16 billion will be reinvested in cryptocurrencies.
This capital inflow, according to analysts, may serve as a major driver for price increases. Bitcoin may hit $120,000, Ethereum could rise above $12,000, and many altcoins may have large gains, potentially multiplying by 10 to 50 times.
The Financial Accounting Standards Board (FASB) is preparing to establish new accounting standards that may provide institutional investors with greater clarity and confidence when evaluating cryptocurrency investments. This could eventually lead to a market change.
The impending elections in the United States may have a huge impact on the stock market. Policy changes and regulatory changes following elections may alter market dynamics and provide a more favorable climate for cryptocurrencies.
Despite present negative indicators, the market may soon see a rally. The proposed $16 billion payout by FTX, combined with positive economic and regulatory developments, might propel prices to record heights. Investors are closely monitoring these developments, expecting a major price change.
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