As bitcoin (BTC) continues to frustrate traders with lackluster price action below $100,000, here are key events this week that could reignite market activity.
FTX payout
FTX, formerly the world’s third-largest digital assets exchange, is set to begin its first round of creditor payouts after going bust in late 2022. First up are Convenience class creditors, those claiming no more than $50,000, who will receive full repayment and a 9% annual post-petition interest.
While optimism is high that the recipients will rotate this money into the market, lifting valuations across the board, not everyone agrees.
“FTX will distribute approximately $1.2 billion to Convenience Class creditors,” Markus Thielen, founder of 10x Research, said in a note to clients Monday. That amount is “too small to move the needle.”
Thielen said only $7 billion from the remaining $10.5 billion allocated to bigger creditors could be available for potential crypto…
