Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.

In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices. 

Crypto researcher Xremlin has predicted that a considerable portion of this cash will flow back into the crypto market, serving as a catalyst for growth towards the end of the year. 

FTX $16 Billion Cash Injection 

In a recent social media post, Xremlin highlighted the significance of the distribution, emphasizing that it involves returning $16 billion in cash to individuals already involved in the crypto space. 

Xremlin believes that a significant portion of this money will be reinvested in the market, specifically in purchasing various tokens, including Bitcoin and Solana, creating significant buying pressure and price growth for both cryptocurrencies.

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The source of this massive cash injection can be traced back to FTX’s agreement with US government agencies, where assets acquired with misappropriated customer funds were sold. These assets encompassed investments in cryptocurrencies, tech companies, venture funds, and real estate. 

Following the sale of shares in AI startup Anthropic, where FTX had previously invested $500 million, the distressed exchange found $6.4 billion in cash. It is important to note that the amount also includes assets controlled by debtors and liquidators.

However, the distribution has faced dissatisfaction among some clients due to settling customer claims based on lower cryptocurrency prices from November 2022, when FTX filed for bankruptcy. 

For instance, clients holding 10 Ethereum’s native token ETH in their accounts will receive approximately $12,000 in cash, significantly lower than the asset’s current worth of around $29,000 as ETH trades at $2,900. 

Despite objections, the court has approved creditor voting on the liquidation plan, and if passed by the necessary number of votes, the plan will be implemented after final court approval.

Buying Frenzy For Bitcoin, Ethereum, And Solana?

Key dates to watch for further developments include August 16, 2024, which marks the deadline for FTX customers to vote on the bankruptcy wind-down payments, and October 7, 2024, when Judge John Dorsey will consider approving the FTX bankruptcy plan.

If the current plan is approved, clients can expect payouts to begin by the end of Q3, potentially providing much-needed liquidity for token purchases. This timing coincides with the US elections, which could contribute to increased market volatility. 

Consequently, FTX payouts could serve as an additional factor fueling a bullish trend in the crypto market as it finds itself in significant price declines.

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Bitcoin has fallen over 21% in the past month at one end of the market, from a high of $71,000 to a current trading price of $56,400. Meanwhile, Solana surpasses BTC’s losses with a 22% drop in the same time frame, currently trading at $134.

Furthermore, it is expected that the ongoing selling pressure from the US and German governments witnessed over the past month could continue for the rest of the year, and the cash injection from FTX to crypto investors could help mitigate the expected selling pressure.

The researcher points out that since most affected FTX customers are retail crypto investors, a significant portion of the money is expected to flow back into cryptocurrencies. Bitcoin, Ethereum, and Solana are likely to receive the most liquidity. 

Featured image from DALL-E, chart from TradingView.com