The bankrupt crypto currency exchange FTX’s creditors began to distribute more than $ 5 billion cash and stablecoin. FTX Recovery Trust announced that it has started to make payments through Bitgo and Kraken as of Friday. Creditors are expected to see their payments in their accounts within three working days. This development is the second major wave of payment since the collapse of the platform.
FTX refunds
This payment process, which is carefully monitored in the crypto market, does not take place for the first time. The first major wave of payment began on 18 February and was paid to creditors with a right of around $ 7 billion, less than $ 50,000. However, the expected revival in the crypto market was not observed at that time. Analysts say that macroeconomic conditions pose serious pressure in the market at that stage.
This time, payments coincide with a period of change in the general weather in the market. Payments will be largely stablecoin instead of cash. Thus, the creditors will directly create liquidity on blockchain.
Expectations in crypto currencies
According to reports, in recent months, an atmosphere of optimism is dominant in crypto markets. The rise tendency in large assets and the increase in political clarity regarding regulations are among the main reasons for this expectation. In particular, corporate investors may find more movement in the environment in which the US Congress advances the legal work of institutions that will control crypto assets.
The report published by Coinbase analysts included the following assessment:
“This wave of payment is likely to have a positive impact on the markets.”
In addition, stablecoin payments can trigger more investment activities, especially when combined with the improvement in the general appearance of the market.
The new payment wave on FTX Recovery Trust can be a turning point for both individual and corporate investors in the crypto market. Existing market conditions and advances in regulations will closely affect the mobility of these funds and the general dynamics of the sector. These developments, which investors should follow carefully, are able to offer clues about future market orientations.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
