Bitcoin Price Under Pressure as $268m FTX Sales Loom, But Bitcoin BSC Crypto Presale Blasts Past $1 Million
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Monday, September 11th, 2023 – The Bitcoin price is languishing around $25,000, but Bitcoin BSC has other ideas as it blasts past $1 million in presale contributions.
‘Bitcoin on BNB Smart Chain’ coin Bitcoin BSC ($BTCBSC) has received contributions of $1,088,549 as it hit its quarter milestone in less than a week and speeds toward its target total of $3,960,000, despite bearish ructions in the broader crypto market.
News emerged last week that the bankruptcy court was likely to allow failed exchange FTX to sell down its crypto holdings, in order to go some way toward making creditors whole again.
Among the top coins that are coming under selling pressure are Solana, Bitcoin, and Ethereum, as FTX looks to unload $200 million worth of crypto on a weekly basis.
As of April this year, the new team at FTX had discovered $3.4 billion in crypto assets held by the bankrupt exchange that was allegedly run as a personal piggy bank by CEO Sam Bankman-Fried.
FTX’s Bitcoin stash, valued at $263 million, is in the mix to be sold. It could be that FTX is able to line up a number of big over-the-counter deals in order not to affect the price of the coins it is selling, which would end up devaluing the holdings it wants to sell at later dates.
Still, it is unlikely that all the FTX sales, which are due to start as soon as this Wednesday, can be kept off the spot markets.
The deleterious impact of the FTX collapse in November last year is clearly yet to dissipate, but there are areas of the crypto market that remain unaffected and are, in fact, continuing to thrive – Bitcoin BSC, take a bow.
https://twitter.com/rovercrc/status/170057571048454
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