{"id":438609,"date":"2023-09-12T22:07:47","date_gmt":"2023-09-12T22:07:47","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=438609"},"modified":"2024-06-06T16:46:12","modified_gmt":"2024-06-06T16:46:12","slug":"an-altcoin-crash-is-coming-as-ftx-and-venture-capital-firms-sell-crypto-holdings-report-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/an-altcoin-crash-is-coming-as-ftx-and-venture-capital-firms-sell-crypto-holdings-report-says","title":{"rendered":"An Altcoin Crash Is Coming As FTX And Venture Capital Firms Sell Crypto Holdings, Report Says"},"content":{"rendered":"
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.<\/span><\/p>\n 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<\/span><\/a> by Matrixport warns that selling pressure may intensify this week because FTX creditors also may begin offloading $685 million in holdings of Solana (SOL)<\/a><\/span>.<\/span><\/p>\n ”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.”<\/p>\n 📉 The #Altcoin<\/a> Crash Looms<\/p>\n 🌪️In 2023, we anticipated #SOL<\/a>'s rise, but now, #FTX<\/a>'s $685m SOL sale and #ApeCoin<\/a> unlocks spell trouble.<\/p>\n 🌪️SOL funding rate negative, breaking $19 support. Watch $15 and $10. ‼️<\/p>\n 🌪️#Ethereum<\/a> not 'ultrasound money' – issuance > burn, #Ether<\/a> below… pic.twitter.com\/Qpv2bSTgqM<\/a><\/p>\n — Matrixport (@realMatrixport) September 11, 2023<\/a><\/p><\/blockquote>\n\n