Month: January 2023
• John Ray, acting CEO of FTX, has stated that restarting the international exchange is on the table.
• FTX filed for Bankruptcy back in November 2022, using Chapter 11.
• Mr. Ray will be looking into whether restarting the international exchange would recover more money for the creditors.
John Ray, the acting Chief Executive Officer of FTX, has recently stated that reviving the international exchange is on the table. This comes after FTX filed for Bankruptcy back in November 2022, using Chapter 11. The exchange’s creditors are now hoping that the revival of the exchange could recover more money for them.
John Ray III made the statement in an interview with The Wall Street Journal. In the interview, he said that “Everything is on the table. If there is a path forward on that, then we will not only explore that, we will do it.” This statement is sure to give some hope to the creditors of FTX, as it indicates that the exchange could be revived in order to recover more money for them.
Mr. Ray went on to clarify that he will be looking into whether restarting the international exchange would recover more money for the creditors. He also indicated that it would depend on whether or not restarting the exchange made sense for making creditors whole. It is unclear at this time what other measures he may be looking into in order to ensure that the creditors are made whole, but the possibility of reviving FTX is certainly something that has been discussed.
It remains to be seen if the exchange will be revived, and if it will recover more money for the creditors. However, the statement from John Ray certainly gives some hope to the creditors of FTX, as they await further news on the matter.
1. Analysts are predicting that Bitcoin’s year-long bear cycle could be over, with the price surging by over $5,000 since the start of the year and reclaiming $20,000.
2. CryptoQuant and Glassnode have identified key on-chain signals that point to the start of a bull run, such as the transfers of funds out of exchanges to wallets and the increased demand for Bitcoin from institutional investors.
3. Other positive indicators include a decreased supply of Bitcoin held on centralized exchanges, a higher number of whale addresses and an increase in the number of active addresses.
The start of 2021 has marked the end of Bitcoin’s year-long bear cycle, with the price surging by over $5,000 since the start of the year and reclaiming $20,000. This has been met with much optimism by crypto analysts, with CryptoQuant and Glassnode both offering insightful analysis into the on-chain signals that could suggest the start of a bull run.
Starting with CryptoQuant, the analysts have identified the transfers of funds out of exchanges to wallets as a positive sign. This indicates that investors are taking the initiative to move their Bitcoin off the exchanges and into their own wallets, effectively taking control of their private keys and securing their funds from potential hacks or scams. This also points to an increased demand for Bitcoin from institutional investors, with the analysts also noting an increase in the number of whale addresses, signifying a more concentrated ownership of the asset.
On top of this, Glassnode has identified a decreased supply of Bitcoin held on centralized exchanges as a positive indicator. This suggests that investors are becoming more confident in the asset, with fewer people wanting to sell their coins. This has been accompanied by an increase in the number of active addresses, with the number of daily active addresses reaching highs not seen since December 2020.
All these indicators point to an increased demand for Bitcoin and an increased confidence in the asset. This has been seen in the price movements, with Bitcoin crossing the $20,000 mark and continuing to surge in the past few days. However, it is important to note that while these indicators can offer insight into the market, they do not guarantee a sustained bull run. It is important for investors to exercise caution and do their own research before making any decisions.