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At the time of writing this article, the price of BTC is finding buyers at $25,000, and the sales in altcoins have reached significant levels. FTX is responsible for this recent decline as it is expected to apply for the liquidation of billions of dollars worth of cryptocurrencies this week. In addition to the sales of MTGOX and SilkRoad, FTX sales are now causing investors to suffer losses.
FTX Altcoin Portfolio
The bankrupt cryptocurrency exchange FTX will sell $3.4 billion worth of cryptocurrencies to pay off its creditors. The company is trying to obtain court approval. It is likely that this liquidation approval will be granted by September 13th. However, according to FTX’s court documents, the exchange will only be allowed to make up to $100 million worth of sales per week. This means that investors may experience significant losses for months. While daily volumes have decreased to cumulative scales of $15 billion, $100 million worth of sales can cause most altcoins on the list to suffer larger losses than their current levels.
In the image below, you can see the top 10 holdings. Altcoins such as SOL, ETH, APT, and XRP are at massive levels, while BTC faces a $560 million sales risk.
Altcoin Comments
The daily RSI for SOL Coin indicates a downward trend and suggests that the price will fall. If the expected downward breakout occurs, we may see the price drop to the $14 region. SOL Coin investors have faced massive losses due to NFT and Coin investments. The collapse of FTX, which caused the ecosystem to suffer, has also diminished Solana, one of the largest layer1 solutions.
Predictions for BTC suggest that the price could drop to $23,500 and $22,000, and possibly even $20,000, with possible sales.
Another altcoin that needs special attention is APT Coin, which was launched in the market with FTX support as a SOL killer. APT’s price has dropped since its all-time high of $20.40 on January 24th. Initially, the downward movement had stopped at $5.40 on June 10th. However, the price could not sustain its support area and started to decline in September. If the sales continue, we may witness APT Coin reaching a deep low of $3.30.
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