#BTC rebounds. Bulls return? Bitcoin has adjusted to $65,000, amid imminent selling pressure from the FTX exchange. FTX, which filed for bankruptcy last year, has unveiled a major plan to repay its creditors, potentially injecting fresh momentum into the cryptocurrency market. On May 8, it was revealed that the exchange could reimburse creditors up to 98%, amounting to around $16.3 billion.

Creditors with claims under $50,000 are eligible to recover up to 118%, based on cryptocurrency prices from November 2022. This move has been well-received by the market, with CEO Ray stating:

“We are pleased to propose a Chapter 11 plan that anticipates repaying 100% of bankruptcy claims plus interest to non-governmental creditors.”

FTX’s repayment strategy is expected to have significant ripple effects across the cryptocurrency market. This was highlighted in the latest report by K33 Research, authored by analysts Vetle Lunde and Anders Hesleth. They suggest that cash payments from FTX could create a “positive price bump” in the market, potentially leading to increased buying pressure.