Solana

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 <p>According to reports, defunct cryptocurrency exchange <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> liquidated $240 million worth of crypto assets yesterday. According to the exchange’s Bankruptcy Crypto Asset Liquidation Data, the total amount sold in December 2023 is around $500 million. The liquidations could be behind the recent crypto market slump.</p>
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    <p lang="en" dir="ltr">REASON BEHIND RECENT MARKET DUMP 🚨 👇<br>&nbsp;<br>Yesterday, #<a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> sold $240 million worth of crypto, as stated in the <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> Bankruptcy Crypto Asset Liquidation Data.<br>&nbsp;<br>This month, they have sold approximately $500 million worth of #Crypto<br>&nbsp;<br>So keep an eye on it 👀 pic.twitter.com/Zm5DvPhsiP</p>— Wise Advice (@wiseadvicesumit) December 18, 2023
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>: SBF Earns Dubious Title of “Worst Witness” Amid High-Stakes Trial</strong></p>
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 <p><a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>’s liquidation steps are a part of its plan to reimburse billions to its customers and creditors. However, the plans have left several questions unanswered, such as methods for valuing crypto tokens and the expected recovery rate for creditors. The submitted proposal will enter the creditor vote next year and seek approval&nbsp;from US Bankruptcy Judge John Dorsey.&nbsp;</p>
 <p>As per the proposal, there will be cash distributions after selling a significant portion of the exchange’s holdings.&nbsp;</p>
 <h3 class="wp-block-heading" id="h-will-solana-sol-plummet-after-ftx-s-liquidations">Will Solana (SOL) plummet after FTX’s liquidations?</h3>
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  <noscript><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp" alt="" class="wp-image-104455" srcset="https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 1024w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 300w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 768w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 380w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 550w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 800w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 1160w, https://cdn.thebittimes.com/images/2023/12/18/9cb398655a2920e09cc7a7c15faecb64.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: The Verge
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 <p>A majority of the exchange’s holdings constitute Solana (SOL). The firm’s founder, Sam Bankman-Fried, was very bullish on the token and purchased large quantities at low prices. According to reports, the exchange has more than $1 billion worth of SOL tokens.</p>
 <p><a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>’s liquidation drive is likely to continue. Moreover, the massive sale of assets will likely shape market movements over the next few weeks. The development could hamper the anticipated crypto market bull run in 2024. However, a spot Bitcoin (BTC) ETF (Exchange Traded Fund) and BTC’s halving in April could cushion any massive liquidations from the now-defunct exchange.</p>
 <p><strong>Also Read: FTX Founder Sam Bankman-Fried Is Now Trading Fish Instead of Crypto</strong></p>
 <p>The firm’s native token, FTT, has also faced a massive correction. FTT has fallen 9.2% in the last 24 hours and over 28% in the weekly charts. The token is also down by 32% in the 14-day charts. However, FTT is still up by over 16% over the previous month and over 224% since December 2022.</p>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="848" src="https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp" alt class="wp-image-122157" srcset="https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 1024w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 300w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 768w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 1536w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 380w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 550w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 800w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 1160w, https://cdn.thebittimes.com/images/2023/12/18/9847a7c2085de1964078c395bc91d117.webp 1672w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: CoinGecko
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-sold-500-million-worth-of-crypto-in-december-2023-tbt74011.html">https://thebittimes.com/ftx-sold-500-million-worth-of-crypto-in-december-2023-tbt74011.html</a></p>

FTX Sold $500 Million Worth of Crypto in December 2023

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