Tuesday, 3 October 2023

Crypto News

Bitcoin slides to $25k as FTX reveals what assets it holds

Bitcoin slides to $25k as FTX reveals what assets it holds

  • Crypto prices dropped after an FTX announcement that showed the value of various crypto assets the collapsed exchange held as of August 31. 
  • Bitcoin fell to lows of $25k while ETH, XRP and BNB traded to key support levels.

The crypto market slipped into red on Monday to add to the downside pressure that engulfed major caps over the weekend.

As covered earlier, rumours of a potential sell-off for Solana based on bankrupt crypto exchange FTX liquidation of millions of dollars’ worth of SOL had the broader market reacting lower. Bitcoin, which an analyst says could trigger a cascade of bloodbath with a dip to $25,200, traded to lows of $25,015 on Binance for its lowest level since mid-June.

Bitcoin price chart from TradingView

Ethereum slid further below $1,560 with a 3.7% decline, while BNB and XRP dumped 3% and 5% to touch key levels near $200 and $0.45 respectively. 

FTX reveals crypto portfolio

Crypto exchange FTX went bankrupt in 2022 – former CEO Sam Bankman-Fried is facing a criminal trial over the implosion that sent crypto into a downward spiral. As the debtors eye a reimbursement for victims, one of the latest topics around it is the potential dump of billions worth of tokens to the market.

FTX revealed just what assets it currently holds and their nominal value as of August 31. Notably, SOL accounts for the largest percentage at more than $1.16 billion. 

The exchange held Bitcoin, Ethereum and Aptos worth $560 million, $192 million and $137 million as well as $120 million and $119 million in USDT and XRP. More can be seen as below per this post from Wu Blockchain.

Per the FTX filing, the exchange has another 438 investment portfolios accounting for roughly $4.5 billion. These invested amounts have not been added to the $7 billion that was earlier announced. Some of the assets still being tallied include from Genesis, Yugalabs, and Paradigm.

Meanwhile, over 36,000 customer claims had reportedly been filed as of August 24, with total claims of $16 billion.

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