According to TechFlow, crypto analyst Ash Crypto said that FTX plans to distribute more than $16 billion in stablecoin liquidity to its creditors, which will drive the crypto market to new highs.
The timeline is as follows:
August 16: FTX customer voting closes
October 7: Judge Dorsey's decision on the plan
If the court approves, FTX will repay creditors within two months, which is expected to occur between the fourth quarter of 2024 and the first quarter of 2025. This coincides with other positive factors such as interest rate cuts, the implementation of new accounting rules, and the results of the US election.
Ash Crypto predicts that this will be the biggest catalyst to push Bitcoin prices over $120,000, Ethereum prices over $12,000, and other altcoins up 10x to 50x.
According to previous news, representatives of the FTX creditor group recommended opposing the FTX restructuring plan, believing that compensation should be made in cryptocurrency rather than US dollars. FTX has extended the deadline for creditors to submit claims to the end of July or early August.
