TechFlow reported, crypto analyst Ash Crypto said FTX plans to distribute over $16 billion in stablecoin liquidity to its creditors, which could push the crypto market to new highs.
The timeline is as follows:
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August 16: Deadline for FTX customer voting
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October 7: Judge Dorsey's decision on plan approval
If approved by the court, FTX will repay creditors within two months, expected between Q4 2024 and Q1 2025. This coincides with other bullish factors such as interest rate cuts, implementation of new accounting rules, and the outcome of the U.S. election.
Ash Crypto predicts this will be the biggest catalyst driving Bitcoin above $120,000, Ethereum beyond $12,000, and altcoins surging 10x to 50x.
Previous report, a representative group of FTX creditors recommended opposing the FTX reorganization plan, arguing that compensation should be paid in cryptocurrency rather than U.S. dollars. FTX has extended the deadline for creditors to submit claims to late July or early August.
