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It appears that evidently the crypto market goes to witness one other worst second after simply recovering from the extended impact of the historic crash of Terra’s LUNA in Could.
A leaked report from Sam Bankman Fried (SBF)-founded buying and selling platform, Alameda Analysis, claimed that the agency’s billions of {dollars} ($3.2B) value of property are locked in FTX’s native token FTT, which can result in a crypto crash anytime quickly.
This incident has pressured FTX’s rival Binance to dump their FTT holdings because the CEO Changpeng Zhao goes dump Binance’s FTT holdings value $2.1 billion to keep away from any loss that occurred throughout the LUNA crash.
Furthermore, the large sell-off of FTT tokens in change for stablecoins and altcoins could result in a value dump of cryptocurrencies, together with SRM, LDO, BTC, ETH, RNDR, BIT, GOG, UNI, SUSHI, AVAX.
Trailer Of Altcoins’ Massacre With FTT Begins!
The huge sell-off of FTT tokens is not going to solely create promoting strain and a value drop for FTT within the chart however can even take a number of altcoins and stablecoins to the bottom levels.
Based on on-chain knowledge supplier, Lookonchain, Alameda holds a major quantity of stablecoins and altcoins because the buying and selling platform is consistently exchanging FTT tokens.
Based on them, these large actions of cryptocurrencies will finally result in a value dump, together with vital property like Bitcoin and Ethereum.
Furthermore, the analyst agency famous that Alameda is making enormous transactions of SRM, LDO, RNDR, BIT, GOG, UNI, SUSHI, and AVAX to FTX change, highlighting that Alameda Analysis transferred 478,999 SHUSHI and 636,538 LDO ($1M) to its mum or dad firm FTX change.
Moreover, the FTX change can also be dumping different tokens, together with CHZ, LOOM, SHIB, LINK, and DYDX, because the crypto change big is straight depositing its holdings to Binance.
The place Is FTT Heading Subsequent?
Wanting on the every day value chart of FTT, the token is sort of 20% down from its current excessive as CZ is slowly dumping the FTT tokens by promoting $500 million value of FTT tokens.
If CZ continues to liquidate extra FTT tokens, it’ll pressure Alameda’s FTT-backed loans to an enormous sell-off, and FTX change will shut their enormous FTT holdings to keep away from any upcoming loss in change of stablecoins and altcoins, which can create a panic and dump state of affairs for your entire crypto market, resulting in a dying spiral.
Based on CoinMarketCap, Solana, ChainLink, and BNB costs have already began their bearish pattern as a result of excessive liquidation brought on by the FTT sell-off. FTT token is at present buying and selling at $22.6 after making a draw back breakout on the EMA-50 pattern line of $24.3.
Since then, the FTT token is dramatically falling within the value chart, with the RSI-14 stage dropping to 40. The MACD line can also be retracing downward following unfavorable market sentiments.
In conclusion, the rising sell-off dangers of FTT tokens could put a barrier to the upcoming crypto bull run that will happen by the start of 2023, as an elevated liquidation of main property will prolong the timeframe of the bearish pattern earlier than a bullish comeback.
