On Monday, a court gave the green light to FTX's bankruptcy plan, enabling the collapsed crypto exchange to repay its users with $16 billion in recovered assets.
The approval came from U.S. Bankruptcy Judge John Dorsey during a hearing in Wilmington, Delaware.
This plan hinges on various agreements between FTX, its customers, creditors, and government entities, allowing the exchange to prioritize customer repayments.
Once a major player in the cryptocurrency market, FTX’s downfall left millions of users with significant losses.
The recovery plan promises customers at least 118% of their account value as of November 2022, when the company went bankrupt.
FTX credited its asset recovery efforts, including cash and investments, for making this possible, though some customers voiced frustration about missing out on the recent crypto market rebound.
The G7 antitrust regulators have announced plans for strong enforcement measures to ensure competitive practices in the artificial intelligence sector, aiming to tackle potential risks before they become entrenched.
A recent report highlighted that some Chinese investors are giving up on cryptocurrencies, and turning back to the country’s growing stock market, spurred by central bank measures to boost the economy.
Goldman Sachs has updated its year-end and 12-month forecasts for the S&P 500 index, driven by anticipated margin growth for businesses and a positive macroeconomic outlook extending into 2025.
The cryptocurrency landscape, particularly Bitcoin, tends to respond to significant economic indicators from the U.S. as traders adapt their strategies to align with macroeconomic trends.