Alternative cryptocurrencies could take a hit as FTX looks to shed its $3.4 billion stash of digital assets, crypto services provider Matrixport noted.
The bankrupt exchange also holds $560 million in BTC and hundreds of millions in lesser known illiquid micro-cap tokens. The firm has alreadyMatrixport said that FTX’s crypto sales could weigh on altcoin prices for the rest of the year.
SOL broke down from the $19 level with increasing volume, Matrixport noted, calling the move “concerning” and potentially opening the way for further declines to next support levels at $15 and then $10.“Technically, the break of $1,650 makes us extremely cautious about ETH here, and we could even envision a scenario where prices materially drop lower into year-end,” said Matrixport. “A decline below $1,500 could bring back the idea that ETH could decline to $1,000.
“The altcoins of the previous bull markets appear tainted due to poor tokenomics and might never come back while we need a new theme for the next generation of altcoins to gain traction,” Markus Thielen, Matrixport’s head of research and strategy, said in a
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