#InsiderTime #Crypto #FTX #Bitcoin⠀
🚀 Insider time: Will Bitcoin's debt repayment help?
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The scandalous crypto exchange FTX plans to return to its customers more than 100% of their funds. Where will the money come from? And how will the market react to this "miracle"?
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Recall: on November 11, 2022,
FTX, the second largest crypto exchange by capitalization, filed for bankruptcy, and since then all customer deposits (fiat + crypto coins) have turned into long-term loans.
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FTX is now willing to pay 9% per annum as compensation for long-term asset freezes and is offering a scheme whereby 98% of creditors will receive at least 118% of their claims within 60 days of court approval.
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As of March 31, FTX had raised about $5 billion through the token sale and expects to raise another $4.4 billion within a few months. Approximately $7 billion has been added by the sale of part of
FTX's venture capital portfolio, real estate and shares of
FTX's former head, as well as the return of donations and investments. So there will be enough money to pay off the debt to clients (about $11 billion).
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However, there is no special enthusiasm for this idea. Crypto assets will be compensated only in fiat and at the old exchange rate: for example, if you had 10 Solana tokens on your
FTX account, which cost about $143, you would get about $170, instead of $1420 at today's exchange rate. In addition, the implementation of the plan includes an "exculpatory clause" for the law firm Sullivan & Cromwell (S&C) that releases it from all further liability. Voting on the document will take place in June, but it is already clear that it will be difficult to obtain the consent of more than 50% of creditors.
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BTC has completed its downward correction and is ready for a new assault on the $65000-65500 zone, so any information occasion will be interpreted as positive. Only strong dollar data can stop a new wave of growth, and there is little chance of that. So let's get ready to buy with the first target of $67,500, and then
FTX with its gifts will come.
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Profits to y’all!