Gemini

Celsius

Bitcoin ETF

Bitcoin

The global digital asset market has seen multiple crypto linked companies file for <a href="https://news.todayq.com/crypto-exchange-gemini-extracted-millions-of-dollars-from-crypto-lender-genesis-before-bankruptcy/" target="_blank" rel="noreferrer noopener">bankruptcy in 2023</a>. This includes Genesis Global Capital, FTX BlockFi, Celsius Network, Voyager Digital and Three Arrows Capital Gemini Trust. However, experts suggest that this situation could have been averted. BTC could have saved crypto bankruptcy? 
Simon Dixon, the founder of Bank of the Future, in a post shared his take on how Bitcoin (BTC) could have potentially saved crypto companies from bankruptcy. He cited FTX and BlockFi and stated that they sold their crypto assets, incurring losses.&nbsp; 
Dixon mentioned a conversation with the law firm managing the Celsius bankruptcy. He recalled the importance of not selling Celsius crypto. According to him, this decision alone covered the bankruptcy costs and legal fees. 
Dixon highlighted the importance of holding onto crypto assets, specifically Bitcoin during challenging times. He argued that if Celsius exits Chapter 11 before Bitcoin surpasses $54,000, creditors would retain all the BTC gains, otherwise, the US government might claim a portion. 
The founder of Bank of the Future noted the irony in creditors objecting to plans that may slightly reduce their gains. Dixon talked about the potential benefits of waiting for a Bitcoin ETF approval and halving. He even suggested that these factors could contribute to more substantial returns. However, he expressed his belief that the industry could gain more if it exits bankruptcy before these events. 
Despite these major falls the crypto market has managed to gain new hits in 2023. Bitcoin price jumped by over 155% on the year to date (YTD) basis. BTC is trading at an average price of $40,731, at the press time. FTX dealing with banckruptcy 
According to reports, FTX Trading Ltd presented a reorganization plan to return billions of dollars to customers and creditors. Meanwhile, the plan presented by the organisation left critical questions unanswered. This includes whether FTX will restart its crypto exchange and how digital token values will be determined. 
FTX’s FTT token price is up by 292% on the YTD. It is trading at an average price of $3.24, at the press time. 
However, the proposal is expected to undergo revisions before being sent to creditors for a vote. This will subsequently be sent out to US Bankruptcy Judge John Dorsey for final approval. It should be noted that the major creditor and customer groups have agreed to the plan’s broad outlines. 
This comes after FTX founder Sam Bankman-Fried (SBF) was convicted of orchestrating a massive fraud. He handed over control of the company to restructuring professionals. 
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