Best Crypto to Buy Now September 11 – Kaspa, Monero, Bitcoin Cash
Major cryptocurrencies saw declines on Monday following an announcement by bankrupt crypto exchange FTX detailing its holdings as of August 31.
Bitcoin fell to lows around $25,000, while Ethereum dropped below $1,560 in trading on Monday. Other major cryptocurrencies like Binance Coin and XRP also saw drops of 3.57% and 5.87% respectively.
In response to this new twist in the FTX drama, what are the best cryptos to buy now?
The sell-off comes after FTX, which filed for bankruptcy protection last year, disclosed a breakdown of the crypto assets it held as of late August.
FTX said it held over $1.16 billion worth of Solana (SOL) tokens, making it the largest holding. Bitcoin, Ethereum, and Aptos holdings were listed at $560 million, $192 million, and $137 million respectively. FTX also reported holding $120 million of Tether (USDT) and $119 million of XRP.
In total, FTX reported having $7 billion in crypto assets as of August 31 across 438 investment portfolios. The exchange said it is still tallying other assets, which could bring the total even higher.
FTX filed for bankruptcy in November 2022 amid allegations of misuse of customer funds by founder Sam Bankman-Fried, who faces criminal charges.
The exchange has received over 36,000 creditor claims totaling $16 billion as of late August.
Liquidation of FTX’s holdings has sparked concerns about the potential dumping of billions worth of tokens onto the market, further weighing on crypto prices.
FTX is seeking court approval to liquidate assets to pay creditors, with some analysts predicting increased volatility if large sell-offs occur.
Although the FTX collapse has created some uncertainty, opportunity still exists in the cryptocurrency market. Kaspa, Wall Street Memes, Monero,
Read more on cryptonews.com
