Crypto exchange FTX had on Wednesday received court approval to sell its $3.4 billion worth of crypto holdings including Bitcoin (BTC), Solana (SOL), and Ethereum (ETH).
This could be a bearish development for the crypto market as the sale of such a big portfolio could lead to further liquidation in the market.
Hence, the development could likely be a bearish event for the top cryptocurrencies in the $3.4 billion worth of crypto holdings that include Solana (SOL), Bitcoin (BTC), and Ethereum (ETH).
Already, the FTX sale announcement led to a sharp drop in SOL price from $18.50 to $18 in a matter of minutes. FTX Derivatives Exchange has just received the green light from a Federal Judge to liquidate its crypto holdings.