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This week, approval was expected from the court for the sale of FTX’s crypto assets, and the approval has just been granted. According to the court decision, the bankruptcy committee will explore ways to convert the existing cryptocurrencies into cash. However, the details of how they will convert them into cash have not yet been finalized.
FTX Crypto Asset Sale
The thing that fueled the negative atmosphere at the beginning of this week was the anticipated approval for the sale of FTX assets. However, as the details highlighted by Messari experts became clear to the community, it turned out that this was not so worrying. Although there is a high risk of sale and price pressure for illiquid altcoins, limited sales with a daily volume of 200 million dollars do not seem to have significant consequences for the overall market.
Indeed, following the approval given by the court, the price of BTC continues to stay at $26,200. The announcements that the company will make in the coming hours may be decisive for the course of the markets. Different crypto companies were offering bids for these assets in previous precedent cases. If a similar bidding period occurs, there may not be selling pressure in the secondary market, which could further ease the cryptocurrencies.