These cryptocurrencies are rising before FTX payouts
According to a statement, FTX commences creditor payments on January 3 with BitGo and Kraken.
Bonk, Fantom, Jupiter, Raydium, and Solana rally Thursday before FTX payments.
Experts expect creditor repayments to boost crypto token prices by injecting new funds into the market.
FTX exchange will reimburse creditors on Friday. The insolvent exchange will refund up to $16.5 billion in assets seized following its bankruptcy.
At a court hearing, US bankruptcy judge John Dorsey accepted the proposal for FTX to reimburse 98% of its clients with $50,000 or less via BitGo and Kraken.
On Thursday, cryptocurrencies Bonk (BONK), Fantom (FTM), Jupiter (JUP), Raydium (RAY), and Solana (SOL) rallied ahead of crypto market capital inflow.
Fri. is FTX creditor payback day.
Most insolvent FTX exchange creditors will collect 98%–119% of their claims. BitGo and Kraken will prioritize payment to debtors under $50,000.
This exchange filed for bankruptcy in November 2022 with an estimated $11.2 billion debt. By selling assets and tech investments, the exchange is generating cash for payouts of up to $16.5 billion.
These cryptocurrencies are rising before FTX payouts.
Before Chapter 11 restructuring, Bonk, Fantom, Jupiter, Raydium, and Solana (SOL) are rallying. On Thursday, the five cryptocurrencies rose between 3% and 9% in expectation of capital injection and exchange platform purchasing pressure as creditor repayment starts on Friday.
On Thursday:
BONK: 8%
FTM: 2.77%
JUP: 6.74%
RAY: 8.94%
SOL: 7.12%
Solana reached $200 on Thursday, peaking at $209.49 before falling to $208 at press time. Bitcoin's comeback over $96,000 and growing market capitalization, as observed on CoinGecko, drove altcoin gains.
#FTX #BONK #FTM #JUP #DEXVolumeRecord $SOL $BONK $JUP