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Topic: The implications of FTX's multi-billion crypto sell-off... - page 2. (Read 146 times)

legendary
Activity: 1932
Merit: 1273
Could this possibly have a major impact on the crypto market? I personally don't think so because of the $100-$200M selling limit per week. Also, FTX's Solana exposure is vested, meaning they won't be able to access those tokens until 2028. But, as we all know, anything is possible in crypto! Let's see how the market reacts.

At the time of writing, the global cryptocurrency market cap is $1.04T. FTX's asset of $3.4B is around 0.3% of the current whole market cap. So that minuscule number would hardly make a major impact on the cryptocurrency market. Even without the selling limits, I believe it would not significantly affect the market.

FTX has done enough as one of the contagion causes, so the current case would not affect the market as how it did back then. Nevertheless, as noted by Messari tweet, it likely affects some coins, especially those that have few weekly trading volumes. But generally, if we talk about the whole market, it will be fine.
legendary
Activity: 3108
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
And because the news leaked out, expect investors to dump Solana before they give FTX a chance to sell theirs. This is the good part when you are updated with the current news. Whales won't have a chance to sell at the peak of the price while retail investors could take advantage of this and be the first to do it.

Will this affect the cryptocurrency market? It sure will. That's a lot of money and it alarms all who are holding whatever asset FTX has. It could be either an opportunity to sell while it's in this position or it will be a devastating event for those who have not heard the gospel just yet. If they will keep on selling every week then I bet we will have a dump until the end of this year for the coins that they have possession with.
full member
Activity: 2086
Merit: 100
SOL.BIOKRIPT.COM
I used to own Solana, but when I heard this news two days ago, I decided to sell my Solana holdings. To be honest, I didn't want to take the risk of holding it in case FTX gets permission to sell. I believe this could have some impact. So, I sold it and plan to buy it back once this process is complete because I believe Solana is a promising cryptocurrency that will have a long-lasting presence in the crypto market
member
Activity: 98
Merit: 10
shop.sesterce.com
FTX wants permission to sell $3.4 billion in crypto assets, including a big chunk of Solana (SOL) tokens. They're also tangled in a lawsuit with LayerZero over $21 million in lost assets. The Delaware Bankruptcy Court will decide today, September 13, 2023. FTX plans to sell tokens, starting with $100 million a week, possibly going up to $200 million for each type. FTX owns $1.16 billion in SOL tokens, a big part of their $3.4 billion crypto stash.

Source: https://decrypt.co/155844/ftx-looks-to-offload-billions-in-crypto-heres-what-it-means

Could this possibly have a major impact on the crypto market? I personally don't think so because of the $100-$200M selling limit per week. Also, FTX's Solana exposure is vested, meaning they won't be able to access those tokens until 2028. But, as we all know, anything is possible in crypto! Let's see how the market reacts.
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