Bitcoin, Ethereum, Dogecoin Drop As Beleaguered FTX Looks To Offload Billions In Tokens: Analyst Foresees Extreme Ethereum Crash, Predicts ETH Dropping More Than 70%
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin saw a sharp decline due to concerns about potential selling pressure from the bankruptcy of exchange FTX. FTX is seeking regulatory approval to liquidate $3.4 billion in crypto assets, with Galaxy Digital proposed as the investment manager for the sale. FTX's crypto holdings include Bitcoin, Ethereum, Dogecoin, and others. Meanwhile, the global crypto market capitalization stands at $1.01 trillion, a 2.29% decrease in the last day.
September 12, 2023 | 3:00 am
News sentiment analysis
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NEGATIVE IMPACT
Bitcoin's price dropped due to potential selling pressure from FTX's bankruptcy.
The news of FTX's bankruptcy and potential liquidation of assets, including Bitcoin, has created selling pressure, leading to a drop in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's price dropped due to potential selling pressure from FTX's bankruptcy.
The news of FTX's bankruptcy and potential liquidation of assets, including Dogecoin, has created selling pressure, leading to a drop in Dogecoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum's price dropped due to potential selling pressure from FTX's bankruptcy.
The news of FTX's bankruptcy and potential liquidation of assets, including Ethereum, has created selling pressure, leading to a drop in Ethereum's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100