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As the defunct exchange Mt. Gox commenced reimbursing users with Bitcoin, market data indicates that recipients opt to hold onto the cryptocurrency rather than sell it.
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Defunct cryptocurrency exchange #FTX has resumed its customer recuperation process, targeting the convenience class in the initial distribution. The FTX bankruptcy estateĀ kicked offĀ its reorganization plan on January 3. From Friday, the team will fully resume the processes involved in repaying affected investors in the exchangeās bankruptcy filing in November 2022. The resumption marks a crucial stage in the process, which has undergone severalĀ legal proceedings. The initial phase will target holders of allowed claims in the convenience distribution. Repayment Process in Full Swing With the reorganization in full effect, the estate called on the convenience class of the allowed claims to complete the pre-distribution process. For context, the convenient class is a group of FTXās allowed claims creditors withĀ less than $50,000Ā worth of claims in the bankruptcy proceeding. Notably, this stage mandates that distribution claimants meet KYC requirements, submit a tax form, and choose a distribution service provider. Meanwhile, the convenience creditors have until January 20 to meet this pre-distribution criteria or miss out on the initial repayment process. Any claimant in this category who fails to satisfy the requirements will receive reimbursement in the subsequent distribution process. Moreover, repayment for this class will run for 60 days from the start date, and creditors are expected to receive a total of $1.2 billion. #cryptonewstoday
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#XRP (XRP) and Dogecoin (DOGE) rank among the notable gainers in Grayscaleās latest weekly snapshot featuring the top 10 best-performing cryptocurrencies.Ā According to theĀ data, Dogecoin and XRP recorded strong weekly returns between December 26, 2024, and January 2, 2025. This significant feat elevated them to Grayscaleās list of top gainers over the past week.Ā XRP and Dogecoin Weekly PerformancesĀ Per the data, XRP registered a return of 11.9% in the past week, positioning it as the second-biggest gainer in the snapshot from December 26, 2024, to January 2, 2025.Ā As of January 2, XRP boasts a year-to-date (YTD) return of 15.9%, pushing its market cap to $139.9 billion. Notably, XRP ranked behind Cardano (ADA), which took the first position with a weekly return of 12.2%.Ā However, Dogecoin witnessed a surge of 8.6% within this timeframe, making it the fourth-biggest gainer for the period ending January 2, 2025. The data showed that Dogecoin has already soared 7.1% within the first two days of the year. When the data was published, Dogecoin had a market cap of $53.5 billion.Ā #CryptoNewsšš„V
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"Is $1 DOGE Achievable? Expert Points to Distribution Phase as the Catalyst"
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MicroStrategy, a business intelligence firm that has turned to a #Bitcoin proxy company, announces plans to raise more capital to expand its Bitcoin bag. It is a new year, but the same old MicroStrategy. The largest corporate holder of Bitcoin has wasted no time in pursuing its insatiable ploy of holding more of the pioneering cryptocurrency. In anĀ announcementĀ on Friday, January 3, the software firm stated it plans to raise $2 billion to buy more Bitcoin. Again, MicroStrategy will leverage a debt instrument to raise the funds, offering preferred stocks to interested investors. MicroStrategy to Raise $2B to Buy More Bitcoin MicroStrategyāsĀ latest move aligns with its plan to raise $21 billion through equity sales and $21 billion of fixed-income instruments in the next three years to buy more Bitcoin. TheĀ Michael Saylor-co-foundedĀ firm introduced the initiative, fondly termed the ā21/21 plan,ā in October and has raised over $7.5 billion through the means. The proposed $2 billion preferred stock issuance will take precedence over the companyās class A common stock. It will feature provisions including convertibility into class A shares, the payment of cash dividends, and the option for share redemption. Nonetheless, MicroStrategy has not determined the price or other details of the offering. Furthermore, the software firm reserves the right to discontinue the offering but will execute it, if at all, in the first quarter of the year. #CryptoNewsCommunity
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"XRP's 1,000% Gains Linked to Bitcoin Dominance Declines: Will History Repeat Itself?"
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