{"id":3081,"date":"2024-07-06T03:00:47","date_gmt":"2024-07-06T03:00:47","guid":{"rendered":"https:\/\/cryptd.in\/colossal-buying-pressure-for-bitcoin-and-solana-as-ftx-plans-16b-distribution-expert\/"},"modified":"2024-07-06T03:00:47","modified_gmt":"2024-07-06T03:00:47","slug":"colossal-buying-pressure-for-bitcoin-and-solana-as-ftx-plans-16b-distribution-expert","status":"publish","type":"post","link":"https:\/\/cryptd.in\/uk\/colossal-buying-pressure-for-bitcoin-and-solana-as-ftx-plans-16b-distribution-expert\/","title":{"rendered":"Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert"},"content":{"rendered":"

In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed <\/a>in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices.\u00a0<\/p>\n

Crypto researcher Xremlin has predicted that a considerable portion of this cash will flow back into the crypto market, serving as a catalyst for growth towards the end of the year.\u00a0<\/p>\n

FTX $16 Billion Cash Injection\u00a0<\/h2>\n

In a recent social media post<\/a>, Xremlin highlighted the significance of the distribution, emphasizing that it involves returning $16 billion in cash to individuals already involved in the crypto space.\u00a0<\/p>\n

Xremlin believes that a significant portion of this money will be reinvested in the market, specifically in purchasing various tokens, including Bitcoin and Solana, creating significant buying pressure and price growth for both cryptocurrencies.<\/p>\n

The source of this massive cash injection can be traced back to FTX\u2019s agreement <\/a>with US government agencies, where assets acquired with misappropriated customer funds were sold. These assets encompassed investments in cryptocurrencies, tech companies, venture funds, and real estate.\u00a0<\/p>\n

Following the sale of shares in AI startup Anthropic, where FTX had previously invested $500 million, the distressed exchange found $6.4 billion in cash. It is important to note that the amount also includes assets controlled by debtors and liquidators<\/a>.<\/p>\n

However, the distribution has faced dissatisfaction among some clients due to settling customer claims based on lower cryptocurrency prices from November 2022, when FTX filed for bankruptcy.\u00a0<\/p>\n

For instance, clients holding 10 Ethereum\u2019s native token ETH in their accounts will receive approximately $12,000 in cash, significantly lower than the asset\u2019s current worth of around $29,000 as ETH trades at $2,900.\u00a0<\/p>\n

Despite objections, the court has approved creditor voting on the liquidation plan<\/a>, and if passed by the necessary number of votes, the plan will be implemented after final court approval.<\/p>\n

Buying Frenzy For Bitcoin, Ethereum, And Solana?<\/h2>\n

Key dates to watch for further developments include August 16, 2024, which marks the deadline for FTX customers to vote <\/a>on the bankruptcy wind-down payments, and October 7, 2024, when Judge John Dorsey will consider approving the FTX bankruptcy plan.<\/p>\n

If the current plan is approved, clients can expect payouts to begin by the end of Q3, potentially providing much-needed liquidity for token purchases. This timing coincides with the US elections, which could contribute to increased market volatility.\u00a0<\/p>\n

Consequently, FTX payouts could serve as an additional factor fueling a bullish trend in the crypto market as it finds itself in significant price declines.<\/p>\n

Bitcoin has fallen over 21% in the past month at one end of the market, from a high of $71,000 to a current trading price of $56,400. Meanwhile, Solana <\/a>surpasses BTC\u2019s losses with a 22% drop in the same time frame, currently trading at $134.<\/p>\n

Furthermore, it is expected that the ongoing selling pressure from the US and German governments witnessed over the past month could continue for the rest of the year, and the cash injection<\/a> from FTX to crypto investors could help mitigate the expected selling pressure.<\/p>\n

The researcher points out that since most affected FTX customers are retail crypto investors, a significant portion of the money is expected to flow back into cryptocurrencies. Bitcoin, Ethereum, and Solana are likely to receive the most liquidity.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":"

In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices.\u00a0 Crypto researcher Xremlin has predicted that […]<\/p>\n","protected":false},"author":0,"featured_media":3082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nColossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/uk\/colossal-buying-pressure-for-bitcoin-and-solana-as-ftx-plans-16b-distribution-expert\/\" \/>\n<meta property=\"og:locale\" content=\"uk_UA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert - 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