Crypto Market Fluctuates Strongly Due To Fears Of FTX’s $3.4 Billion Liquidation The

Crypto Market Fluctuates Strongly Due To Fears Of FTX’s $3.4 Billion Liquidation The digital asset market experienced heightened volatility as traders closely monitored the potential cryptocurrency disposals by the defunct FTX exchange through its ongoing bankruptcy proceedings. The exchange’s administrators have successfully recovered approximately $7 billion in assets, which includes a substantial $3.4 billion in cryptocurrencies. A pivotal court hearing scheduled for Wednesday aims to evaluate a proposal for initiating the sale of tokens to repay creditors, as per recent filings. Notably, FTX’s inventory reveals holdings of nearly $1.2 billion in SOL, the native token of the Solana network, alongside $560 million in Bitcoin and $192 million in Ether. According to Bloomberg, the exchange is actively pursuing the appointment of the asset management division of billionaire Michael Novogratz’s Galaxy Digital Holdings Ltd. to oversee this significant pool of tokens. The news surrounding the impending FTX creditor liquidation has led to a pronounced decline across the entire crypto market, with its total valuation currently standing at $1.03 trillion. Bitcoin, mirroring this trend, was trading at approximately $25,750 at the time of this report.