Next week may become a significant event for the cryptocurrency market as the payout procedure for the bankrupt derivatives exchange FTX begins. Nearly $16 billion is expected to be returned to crypto traders.
Starting of Payouts
The payout procedure for the bankrupt derivatives exchange FTX is one of the most anticipated in the crypto market. It might be a pivotal moment for the industry. Experts predict that the purchasing demand for Bitcoin and altcoins will grow significantly. This process is part of the long aftermath of the scandalous collapse of FTX, which resulted in significant losses for many traders.
Impact of Payouts on the Market
Experts predict a significant increase in demand for Bitcoin and altcoins. Nearly $16 billion is expected to be returned to crypto traders. Those who were unable to invest during the market drop in August will have a fantastic opportunity during this payback wave. The crypto community hopes that this impending infusion of capital will trigger the greatest bull run in the industry’s history.
Key Dates and Community Hopes
On October 22, November 20, and December 12, 2024, three 'omnibus hearings' will take place, after which the much-anticipated payouts will be made. If the District of Delaware approves the Chapter 11 plan before October 7, disbursements may begin before the year ends. Unfortunately, compensation is no longer available to those who failed to file claims by September 29, 2023.
The crypto community eagerly awaits the start of payouts, hoping for a significant market revival. This situation presents a rare opportunity for investors and may significantly change the crypto market.
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