Reserve

Core

BitDAO

Aptos

Dogecoin

<p>The cryptocurrency landscape saw a sea of red on Monday, September 11, with traders on edge about the potential implications of a series of forthcoming events, notably the FTX’s potential $3 billion liquidation and the impending release of the CPI data, both scheduled for September 13.</p> 
<h2 id="h-market-statistics"><strong>Market Statistics</strong> </h2> 
<p>Recent statistics from QuantifyCrypto reveal a downtrend across the top 50 cryptocurrency projects. The overall market cap of cryptocurrencies plunged by over $10 billion, marking an accumulated decline of nearly 2% over the previous 24-hour period.</p> 
<h2 id="h-ftx-liquidation-what-s-the-story"><strong>FTX Liquidation: What’s the Story?</strong> </h2> 
<p>FTX reportedly holds $3.4 billion in crypto assets, set to be sold off in increments ranging from $100-$200 million each week. However, this action hinges on a decision from the Delaware Bankruptcy Court, which was due on September 13.</p> 
<p>If the court grants permission for this massive liquidation, the specifics surrounding the size and regularity of these liquidations will be strategized to reduce any potential adverse market impacts<strong>. Notably, as of now, there’s no evidence to suggest that the planned FTX sell-off on September 13th has significantly impacted the market. Furthermore, if it were to occur, the process would extend over several business days.</strong></p> 
<p>A recent tweet from Aaron Bennett (@AaronDBennett) listed FTX’s crypto holdings ready for liquidation:</p> 
<ul>
 <li>$685 million in Solana (SOL)</li>
 <li>$529 million in FTX token (FTT)</li>
 <li>$268 million in Bitcoin (BTC)</li>
 <li>$90 million in Ethereum (ETH)</li>
 <li>$67 million in Aptos (APT)</li>
 <li>$42 million in Dogecoin (DOGE)</li>
 <li>$39 million in Polygon (MATIC)</li>
 <li>$35 million in BitDAO (BIT)</li>
 <li>$29 million in XRP token (XRP)</li>
</ul> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">On September 13th, <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> will probably get the courts approval to sell these coins:<br><br>$685 million of <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a><br>$529 million of <a href="https://twitter.com/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FTT</a><br>$268 million of <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a> <br>$90 million of <a href="https://twitter.com/hashtag/eth?src=hash&amp;ref_src=twsrc%5Etfw">#eth</a> <br>$67 million of <a href="https://twitter.com/search?q=%24APT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$APT</a><br>$42 million of <a href="https://twitter.com/hashtag/doge?src=hash&amp;ref_src=twsrc%5Etfw">#doge</a> <br>$39 million of <a href="https://twitter.com/search?q=%24matic&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$matic</a><br>$35 million of <a href="https://twitter.com/search?q=%24BIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BIT</a><br>$29 million of <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a>… <a href="https://t.co/RdzXHQzUO2">pic.twitter.com/RdzXHQzUO2</a></p>— Aaron Bennett (@AaronDBennett) <a href="https://twitter.com/AaronDBennett/status/1700736390504337919?ref_src=twsrc%5Etfw">September 10, 2023</a>
  </blockquote> 
 </div>
</figure> 
<h2 id="h-will-cryptocurrencies-crash-u-s-cpi-data-to-watch-for">Will Cryptocurrencies Crash? <strong>U.S. CPI Data to Watch For</strong> </h2> 
<p>Coinciding with the anticipated court ruling on the FTX’s potential asset sell-off is the release of August’s U.S. CPI data. This data is a pivotal factor in guiding the Federal Reserve’s decisions on interest rates, thereby influencing both the crypto and stock markets.</p> 
<p>An expected CPI rise to 3.6% (up from the previous month’s 3.2%) suggests that the cryptocurrency market might already be adjusting for another potential hike in interest rates. Yet, it’s noteworthy that while the year-on-year August CPI is projected to jump by 40 basis points over July’s figures, the Federal Reserve typically leans on the Core CPI data for its decision-making process. Given the forecasted decline in August’s Core CPI to 4.3% (down from July’s 4.7%), the market largely anticipates no hikes in the interest rates come September 20.</p>

Cryptos Did NOT Crash yet…Will Cryptocurrencies Crash soon?

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