Good News for Bitcoin?
Analysts at K33 Research believe that the recent developments in the FTX bankruptcy case could be good news for Bitcoin. They think that the payments to FTX creditors could help Bitcoin stay strong in the last quarter of 2024.
FTX Reorganization Plan Approved
A judge in Delaware recently approved the plan to pay back FTX creditors. This plan has been in the works for almost two years since FTX collapsed. Most of the creditors voted in favor of the plan.
What About the Payments?
K33 analysts expect the payments to start rolling out in the last few months of 2024 and continue into early 2025. They think that smaller creditors will get their money first, followed by larger creditors.
Will This Affect Bitcoin?
Bitcoin investors are watching closely to see how much of this money will flow back into the cryptocurrency market. Analysts believe that a significant portion of the funds has already been converted to regular money, so the impact on Bitcoin might not be as big as some people think. They also point out that some of the creditors won’t be able to claim their money.
Overall, the analysts believe that the payments will have a gradual impact on the cryptocurrency market and won’t cause any major price swings.
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