Rumors that bankrupt cryptocurrency exchange FTX will liquidate its assets with court approval led to significant drops in cryptocurrencies during the week.
Cryptocurrency exchange that went bankrupt in November last year FTX’s liquidation process, cryptocurrency market to keep busy continues. Accordingly, users of the stock market compensation for damage for September 13 Various speculations arose in the market about the possibility of obtaining asset liquidation approval from the court.
In the released data, the stock market worth $3.4 billion despite the existence Bitcoin And Ethereum not including Over $3 billion altcoins is available. In these assets 685 million with dollar value Solana’s (LEFT) And 520 million dollars It was noted that FTX Token (FTT) was the crypto currencies with the largest share in the portfolio with its value. Among other cryptocurrencies of FTX stablecoins (Tether, USD Coin, Dai), Aptos (APT), Dogecoin (DOGE), Polygon (MATIC), Bit DAO (BIT), Toncoin (TON) and Ripple (XRP) It is located.
Apart from this, the exchange is available on various third parties. $1.27 billion It was emphasized that he had more assets worth more. Instead of cryptocurrencies to their creditors fiat money FTX, which wishes to make payment as Bitcoin And Ethereum He stated that he wanted to stake. In addition, FTX wants its altcoins to not lose value. to sell directly He stated that it was not planned.
On-chain analytics company IntoTheBlock last week paid services giant of Visa Although Solana included the network in its payment program, the reason for the lack of permanent performance in the network’s native token the possibility of liquidation He expressed that it might be related to this with the following statements:
Despite the positive news about Visa and the potential spot Ethereum (ETH) ETF (exchange-traded fund), the upcoming $3 billion liquidation of FTX may be dominating the market.
How liquidation speculations affected assets
First solana And FTX Token Many assets on the balance sheet of the stock exchange, including in a negative way affected.
According to CoinGecko data, at the weekend when the news broke, SOL $19.43 from level 10%with more than $17.65 decreased to its level. In the relevant process, Solana’s market value was also determined. $8.3 billion from level $7.2 billion level was recorded.
Another token affected by the sales news is FTT, which has increased significantly in the last week. $1.18 from the top for $0.98 falling down 16% on loss of value signed. Apart from these, other cryptocurrencies in the portfolio were also affected by the situation.
On the other hand, the news of liquidation is an issue, at least for now. is just speculation emphasized. In the current situation, the court has not made a decision regarding the liquidation of FTX assets and the exchange cannot be liquidated except by court order reminded.
In addition, FTX asset liquidation exceeded expectations. more trustworthy It was also claimed that it could pass. In a proposal submitted to the court on this issue last month, the FTX creditor committee stated that various tokens could be allocated during liquidation. weekly sales limits suggested it be brought. These limits are weekly for most tokens. 100 million dollars It was stated as.