FTX Liquidation Shakes $BTC & $ETH; Demand for $FIL, $ATOM and $ROE Surges

cryptonews.com:

Recent events have brought the phenomenon of liquidation into the spotlight, with FTX - a previously prominent cryptocurrency exchange - experiencing a major shakeup in the form of liquidations affecting Bitcoin ($BTC) and Ethereum ($ETH) holdings.

This upheaval has not only underscored the inherent risks of trading in these markets but has also triggered a noticeable surge in demand for top altcoins, particularly Filecoin ($FIL), Cosmos ($ATOM), and Borroe.Finance ($ROE).

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Once a prominent player in the world of beginner cryptocurrency, the FTX crypto exchange experienced a catastrophic collapse in November 2022. Since that unfortunate event, FTX has been grappling with the formidable challenge of managing its remaining assets and addressing the concerns of its user base.

FTX’s legal team appeared before the Delaware Bankruptcy Court on September 13th to seek approval for a substantial liquidation of more than $3.4 billion worth of cryptocurrencies, including the likes of Bitcoin ($BTC) and other top crypto coins. This proposal raised eyebrows among those new to the cryptocurrency scene as it details a plan to appoint Galaxy Digital, a prominent blockchain firm, to oversee the sale and management of recovered user funds.

The proposed plan was approved on September 13, giving FTX the authority to gradually offload up to $100 million worth of crypto tokens per week, with this cap potentially increasing to $200 million for individual assets. 

As of January, FTX’s cryptocurrency holdings encompass a diverse array of assets, including significant sums such as $685 million in locked Solana ($SOL) tokens, $42 million in Dogecoin ($DOGE), $90 million in Ethereum ($ETH), and $268 million in Bitcoin ($BTC).