Bitcoin Drops to $25,000 as FTX Reveals Crypto Holdings

7:47 pm
September 11, 2023

The cryptocurrency market experienced a decline after FTX, a bankrupt exchange, disclosed the value of the crypto assets it held as of August 31. This announcement caused Bitcoin to drop to a low of $25,000, while other cryptocurrencies like ETH, XRP, and BNB also traded at key support levels.

The recent rumors of a potential sell-off of Solana based on FTX’s liquidation of millions of dollars’ worth of SOL tokens led to a broader market reaction. Bitcoin traded at its lowest level since mid-June, reaching $25,015 on Binance.

Ethereum also saw a decline, dropping below $1,560 with a 3.7% decrease. Similarly, BNB and XRP experienced losses of 3% and 5%, respectively, reaching key levels near $200 and $0.45.

FTX Reveals Crypto Portfolio

FTX, the bankrupt crypto exchange, disclosed its current holdings and their nominal value as of August 31. The largest percentage of its assets, at over $1.16 billion, is in SOL tokens. Additionally, FTX holds Bitcoin, Ethereum, Aptos, USDT, and XRP, with nominal values of $560 million, $192 million, $137 million, $120 million, and $119 million, respectively.

According to FTX’s filing, the exchange has 438 investment portfolios that account for around $4.5 billion in additional assets. These investments have not been included in the previously announced $7 billion. Some of the assets yet to be tallied include those from Genesis, Yugalabs, and Paradigm.

FTX is seeking court approval to liquidate its assets and pay creditors, which has led crypto analysts to predict a potential market dump. The negative sentiment surrounding FTX’s situation and the anticipated sell-off on September 13 have caused a sharp decline in SOL’s price.

Summary

The crypto market experienced a decline after FTX revealed the value of its crypto holdings. Bitcoin dropped to $25,000, while ETH, XRP, and BNB also traded at lower levels. FTX disclosed its holdings, with SOL accounting for the largest percentage. FTX is seeking court approval to liquidate assets and pay creditors, leading to predictions of a potential market dump.

FAQs

What caused the decline in the crypto market?

The decline in the crypto market was triggered by FTX’s announcement of its crypto holdings, causing Bitcoin and other cryptocurrencies to drop in value.

What are FTX’s current holdings?

As of August 31, FTX holds SOL, Bitcoin, Ethereum, Aptos, USDT, and XRP, with SOL accounting for the largest percentage of its assets.

What is FTX planning to do with its assets?

FTX is seeking court approval to liquidate its assets and use the proceeds to pay off its creditors.

What are analysts predicting regarding the market?

Analysts predict a potential market dump due to FTX’s situation and the anticipated sell-off on September 13. This has led to negative sentiment and a decline in SOL’s price.


Share:

More in this category ...

7:27 pm April 30, 2024

Ripple companions with SBI Group and HashKey DX for XRPL answers in Japan

Featured image for “Ripple companions with SBI Group and HashKey DX for XRPL answers in Japan”
6:54 pm April 30, 2024

April sees $25M in exploits and scams, marking historic low ― Certik

Featured image for “April sees $25M in exploits and scams, marking historic low ― Certik”
5:21 pm April 30, 2024

MSTR, COIN, RIOT and different crypto shares down as Bitcoin dips

Featured image for “MSTR, COIN, RIOT and different crypto shares down as Bitcoin dips”
10:10 am April 30, 2024

EigenLayer publicizes token release and airdrop for the group

Featured image for “EigenLayer publicizes token release and airdrop for the group”
7:48 am April 30, 2024

VeloxCon 2024: Innovation in knowledge control

Featured image for “VeloxCon 2024: Innovation in knowledge control”
6:54 am April 30, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
2:58 am April 30, 2024

Dogwifhat (WIF) large pump on Bybit after record reasons marketplace frenzy

Featured image for “Dogwifhat (WIF) large pump on Bybit after record reasons marketplace frenzy”
8:07 pm April 29, 2024

How fintech innovation is riding virtual transformation for communities around the globe  

Featured image for “How fintech innovation is riding virtual transformation for communities around the globe  ”
7:46 pm April 29, 2024

Wasabi Wallet developer bars U.S. customers amidst regulatory considerations

Featured image for “Wasabi Wallet developer bars U.S. customers amidst regulatory considerations”
6:56 pm April 29, 2024

Analyst Foresees Peak In Late 2025

Featured image for “Analyst Foresees Peak In Late 2025”
6:59 am April 29, 2024

Solo Bitcoin miner wins the three.125 BTC lottery, fixing legitimate block

Featured image for “Solo Bitcoin miner wins the three.125 BTC lottery, fixing legitimate block”
7:02 pm April 28, 2024

Ace Exchange Suspects Should Get 20-Year Prison Sentences: Prosecutors

Featured image for “Ace Exchange Suspects Should Get 20-Year Prison Sentences: Prosecutors”
7:04 am April 28, 2024

Google Cloud's Web3 portal release sparks debate in crypto trade

Featured image for “Google Cloud's Web3 portal release sparks debate in crypto trade”
7:08 pm April 27, 2024

Bitcoin Primed For $77,000 Surge

Featured image for “Bitcoin Primed For $77,000 Surge”
5:19 pm April 27, 2024

Bitbot’s twelfth presale level nears its finish after elevating $2.87 million

Featured image for “Bitbot’s twelfth presale level nears its finish after elevating $2.87 million”
10:07 am April 27, 2024

PANDA and MEW bullish momentum cool off: traders shift to new altcoin

Featured image for “PANDA and MEW bullish momentum cool off: traders shift to new altcoin”
9:51 am April 27, 2024

Commerce technique: Ecommerce is useless, lengthy are living ecommerce

Featured image for “Commerce technique: Ecommerce is useless, lengthy are living ecommerce”
7:06 am April 27, 2024

Republic First Bank closed by way of US regulators — crypto neighborhood reacts

Featured image for “Republic First Bank closed by way of US regulators — crypto neighborhood reacts”
2:55 am April 27, 2024

China’s former CBDC leader is beneath executive investigation

Featured image for “China’s former CBDC leader is beneath executive investigation”
10:13 pm April 26, 2024

Bigger isn’t all the time higher: How hybrid Computational Intelligence development permits smaller language fashions

Featured image for “Bigger isn’t all the time higher: How hybrid Computational Intelligence development permits smaller language fashions”
7:41 pm April 26, 2024

Pantera Capital buys extra Solana (SOL) from FTX

Featured image for “Pantera Capital buys extra Solana (SOL) from FTX”
7:08 pm April 26, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
12:29 pm April 26, 2024

SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

Featured image for “SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M”
10:34 am April 26, 2024

Business procedure reengineering (BPR) examples

Featured image for “Business procedure reengineering (BPR) examples”
7:10 am April 26, 2024

85% Of Altcoins In “Opportunity Zone,” Santiment Reveals

Featured image for “85% Of Altcoins In “Opportunity Zone,” Santiment Reveals”
5:17 am April 26, 2024

Sam Altman’s Worldcoin eyeing PayPal and OpenAI partnerships

Featured image for “Sam Altman’s Worldcoin eyeing PayPal and OpenAI partnerships”
10:55 pm April 25, 2024

Artificial Intelligence transforms the IT strengthen enjoy

Featured image for “Artificial Intelligence transforms the IT strengthen enjoy”
10:04 pm April 25, 2024

Franklin Templeton tokenizes $380M fund on Polygon and Stellar for P2P transfers

Featured image for “Franklin Templeton tokenizes $380M fund on Polygon and Stellar for P2P transfers”
7:13 pm April 25, 2024

Meta’s letting Xbox, Lenovo, and Asus construct new Quest metaverse {hardware}

Featured image for “Meta’s letting Xbox, Lenovo, and Asus construct new Quest metaverse {hardware}”
2:52 pm April 25, 2024

Shiba Inu (SHIB) unveils bold Shibarium plans as Kangamoon steals the display

Featured image for “Shiba Inu (SHIB) unveils bold Shibarium plans as Kangamoon steals the display”