The reorganization plan for payments to the creditors of the FTX exchange comes into effect this Friday - January 3.
The speech is about payments totaling $16 billion.
As reported by Sunil Kavoury (activist and representative of #FTX creditors), initially, $6-7 billion will be distributed among FTX creditors. This stage will run from January to March.
Currently, the bankrupt exchange has about $13 billion on its balance sheet, of which $7 billion will not be involved in the initial distribution (reserve for disputed claims).
It is popularly believed that most of this money will ultimately flow back into the crypto market, thereby providing momentum for a new wave of growth. Primarily - for altcoins. It sounds almost too good to be true. But the approval of the spot Bitcoin ETF as a price growth factor for #BTC and the entire market also sounded too good and simple.
It's hard to imagine how all this could positively affect the price of #FTT. No one plans to revive the exchange and its token yet. But we rely on signals from technical analysis. If this is a case where a future event is already priced in the chart - it will be a good example. The asset was bought in December with two orders, with an average entry point of $2.9201. Currently at +17%, but the daily timeframe promises a correction.
The targets for this high-risk zombie asset (which is also in the Monitoring category on Binance) remain the same in case the idea plays out - around $16, and then we'll see. The main thing now is to break the 50-week EMA (currently around $4.02). We've been hitting it since early December. After that, things should speed up. Overlapping the imbalance created on the exchange's collapse, the absence of resistances up to the 200-week EMA (still $16) and the 50-month EMA ($16.7).
