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The 2022 crash in the cryptocurrency markets witnessed the downfall of many major brands. Terra, Celsius, Voyager, among others, have become history. The largest of these bankruptcies was the collapse of FTX, which misused customer assets without permission or discretion. Now, permission has been granted for the sale of the remaining assets worth $744 million in the company’s possession.
Crypto Currencies Breaking News
FTX, once the second-largest cryptocurrency exchange, has received permission to sell its $744 million worth of Grayscale products. The company holds a significant amount of GBTC, ETHE, ETCG, and LTCN assets. These assets were issued by Grayscale to enable institutional investors to enter cryptocurrencies through trusts.
If there is no significant increase in demand on the institutional side, the sale of these assets could lead to a drop in their prices and cause fluctuations in the prices of spot pairs as well. The list of assets on hand is as follows;
- Bitcoin Trust (GBTC) 597 Million Dollars
- Ethereum Trust (ETHE) 87 Million Dollars
- BITW 53 Million Dollars
- Litecoin Trust 2 Million Dollars
- ETC Trust 3 Million Dollars
- GDLC 2 Million Dollars
Bitcoin price is finding buyers at $37,750 following the news.
- FTX’s asset sale raises crucial questions.
- Grayscale products worth $744 million to be sold.
- Institutional demand could impact asset prices.
