Crypto crash: Matrixport talks about possible altcoin crash

[Cryptocrit]

At least $3.4 billion worth of crypto is likely to be sold by FTX so it can return fiat currency to its users instead of tokens, which should create an overhang for altcoins for the rest of the year



https://www.cryptocrit.xyz/2023/09/crypto-crash-matrixport-talks-about.html

[cryptoworld1]

A $3.4 billion sale of crypto holdings by the bankrupt crypto exchange FTX will combine with other market sell-offs to trigger an altcoin crash, says crypto services provider Matrixport.

FTX says it’s poised to sell up to $200 million worth of its crypto holdings each week as it frees up cash for creditors and a Sept. 11 report by Matrixport warns that selling pressure may intensify this week because FTX creditors also may begin offloading $685 million in holdings of Solana (SOL).

”The altcoin crash is coming,” it said. “At least $3.4bn worth of crypto is expected to be sold by FTX, which should create an overhang for altcoins for the rest of the year.”

[Senin]

This information was written in mid-September. More than three months have passed, a few days are left before the New Year, but we have not seen any collapse of altcoins. On the contrary, since October, Bitcoin and altcoins have begun to grow in price quite well. Increased demand for cryptocurrency ahead of the Bitcoin halving offset the bad consequences of the sale of $3.4 billion in cryptocurrency assets by the bankrupt cryptocurrency exchange FTX. Therefore, this goes unnoticed for the altcoin market.