During Monday’s trading operations in Asia, the crypto market experienced a decline as Bitcoin fell below the resistance level of $26,000. Ether also fell to near the $1,600 mark after a hack on the X account of Ethereum founder Vitalik Buterin. Other top 10 non-stablecoin cryptocurrencies logged losses. Solana’s SOL led the losers with a 24-hour decline of more than 6%.
Additionally, FTX, a bankrupt crypto exchange, could soon get the green light to liquidate its $3.4 billion in crypto holdings, adding to selling pressure in the market.
Crypto Market Opens the Week with a Downtrend
In the last 24 hours, Bitcoin experienced a slight dip of 0.25%, trading at $25,831.97 in Hong Kong. It lost 0.53% for the week. Last Friday, Bitcoin briefly traded above $26,000 but soon lost that support level and remained range-bound over the weekend at around $25,900.
Ether, the native token of the Ethereum blockchain, fell 1.12% to $1,616.79 in the past 24 hours and dropped 1.18% over the past seven days. On Sunday, Ethereum founder Vitalik Buterin’s account on X (formerly Twitter) was hacked, leading to losses totaling around $691,000 for some of Buterin’s followers.
According to blockchain investigator ZachXBT, hackers posted links to a scam non-fungible token (NFT) project on Buterin’s Twitter page. They advised users to connect their crypto wallets before withdrawing the funds.
$147K drained so far pic.twitter.com/A4Xmr4MBmI
— ZachXBT (@zachxbt) September 9, 2023
In the past 24 hours, all other top 10 non-stablecoin cryptocurrencies experienced losses. Solana, in particular, led the losers with a 6.17% fall to $18.25. This loss resulted in a weekly decline of 6.80%. The total market capitalization of cryptocurrencies has decreased by 0.74% to $1.04 trillion. On the other hand, trading volume has increased by 50.61% to $20.25 billion.
The cryptocurrency market is currently experiencing a decline due to the latest news from FTX. According to a tweet from blockchain analysts Whale Alert on Saturday, FTX is expected to receive approval on September 13 to start liquidating its crypto holdings.
🚨POTENTIALLY BIG SELLING NEXT WEEK
Crypto exchange FTX will likely get approval to liquidate its assets 13th of September.
They had $3.4b worth of crypto in April.
Current proposed plan is to sell up to $200m worth of crypto every week.— Whale (@WhaleChart) September 9, 2023
The exchange has proposed liquidating over $3 billion in recovered crypto assets, raising concerns among investors. The suggested method is to sell assets worth up to $200 million per week.
