Messari analysts predicted negative consequences for the crypto market should the liquidation of FTX assets take place. They believe that two altcoins will suffer the most, but the collapse of quotes can affect absolutely all digital assets.
The analytical company Messari conducted a study, assessing the potential impact of the upcoming FTX asset sale on the cryptocurrency market. According to analysts, this will negatively affect the quotations of all cryptocurrencies.
Messari reports that some crypto projects are more vulnerable, and the crucial role in assessing their sensitivity is played not only by the volume of assets under the control of FTX, but also by the ratio of the number of coins to weekly trading volumes. Based on this, analysts have identified two crypto-assets that may be most vulnerable to the upcoming liquidation:
- Solana (SOL). FTX has over $1.16 billion in SOL under its control, and the asset’s weekly trading volume doesn’t exceed $740 million in SOL, making the ratio the highest at 81%.
- Aptos (APT). The bankrupt exchange owns $137 million in APT, and the asset’s trading volume over the past seven days is $66 million, making it the second most vulnerable altcoin with a ratio of 74%.
According to Messari analysts, the liquidation of FTX assets will negatively influence the entire crypto market, as there’s a FUD effect provoking the collapse of quotations even while waiting for the court decision. CoinGecko reports that as of 13:00 (GMT+3) on September 12, the crypto market has lost about 0.32% of its cap over the past 24 hours, while Bitcoin and Ethereum have fallen by about 2% and 4%, respectively.
On September 13, the court is to decide on the unblocking of $3.4 billion of assets belonging to the bankrupt crypto exchange FTX. Representatives of the exchange agreed to set limits on the volume of coins that can be sold during the week at the $200 million level. Galaxy Digital is to help with the sale of FTX assets.
Justin Sun, Founder of TRON, hinted that he’s ready to buy out the TRX tokens owned by FTX to minimize the negative consequences for the crypto community, if the sale does take place.
FTX plans to resume the work of the platform, agreeing with creditors and starting to pay obligations are required.
