Home Altcoin Big Crypto Dump Incoming As FTX Plans To Promote Altcoins Price $4.6B – Bitcoinist

Big Crypto Dump Incoming As FTX Plans To Promote Altcoins Price $4.6B – Bitcoinist

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Although the FTX chapter was two months in the past, the problem is way from over for the crypto trade. At present, new FTX CEO John Ray and his crew are working to search out as many liquid belongings as potential to make up for the client losses.

As Bitcoinist reported yesterday, they’ve managed to get better round $5 billion in liquid belongings. “We’ve got situated over $5 billion of money, liquid cryptocurrency and liquid funding securities,” Andy Dietderich, an legal professional for FTX mentioned Wednesday in U.S. Chapter Court docket in Delaware.

Huge Crypto Dump Coming?

What could have been much more noteworthy was Dietderich’s assertion that FTX plans to dump non-strategic holdings with a e-book worth of $4.6 billion, which might result in super promoting stress within the crypto market.

Whereas Dietderich additionally pressured that the authorized crew continues to be working to create correct inner information, which might imply that the sale will probably be pushed again a bit, the liquidators might additionally take a staggered strategy to the method.

The FTX lawyer additionally revealed that the recovered funds don’t embrace the belongings seized by the Bahamas Securities and Trade Fee, which Dietderich estimates at solely $170 million, whereas Bahamian authorities put the worth as excessive as $3.5 billion. That’s as a result of the funds primarily include the illiquid FTT tokens, Dietderich mentioned.

Which Altcoins Might Be Hit The Hardest?

Coinbase director Conor Grogan has been trying by all wallets to find out which altcoins FTX nonetheless owns. The most important crypto place, based on Grogan, is Solana (SOL), of which FTX owns more than $700 million. To this, nevertheless, the Coinbase director notes that almost all of them are locked, so he’s not certain why they may have counted them.

That is adopted by $575 million in FTT, $371 million MAPS, $127 million OXY, $90 million WBTC, $82 million BONA, and round $500 million “in different random” Solana-based (SPL) tokens.

“My easy mannequin is that the property desires a ‘win’ and good publicity to speak by all of the progress they’ve made,” Grogan claimed and continued on to say that in his opinion, the $5 billion determine is way too excessive for what could possibly be bought on an open market.

On the identical time, Grogan acknowledged that the $4.6 billion is probably going not simply altcoins, but additionally Robinhood shares, different shares, and actual property. “400 million in Robinhood is a major quantity that’s in all probability pretty valued. The remainder… Laborious to say,” the Coinbase director mentioned.

In the meantime, the on-chain evaluation service “Lookonchain” has drawn consideration to the Alameda belongings receiving pockets, which acquired 30 million USDC from “Alameda Analysis 25” just a few hours in the past.

The pockets presently holds crypto price $167 million, together with 100 million BIT ($46.6 million), 41 million USDT, 31.8 million USDC, 17,177 ETH ($24 million), 4.6 million SUSHI ($5.2 million), 10 million WXRP ($3.76 million), 6.86 million RNDR ($3.2 million), and 6.86 million SRM ($1.6 million).

At press time, the Solana (SOL) worth stood at $16.27. The worth virtually doubled for the reason that backside at $8.16 on December 29.

SOL has virtually doubled in worth for the reason that backside | Supply: SOLUSD on TradingView.com

Featured picture from 3844328 / Pixabay, Chart from TradingView.com

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