Judge Approves Order Allowing FTX to Start Selling Crypto

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Today’s Cryptocurrency Headline

A Delaware district judge approved an order allowing bankrupt crypto exchange FTX to sell off billions of its cryptocurrency to be distributed to creditors. Debtors filed a proposed plan in August, under which the estate’s token sales would be guided by a financial advisor. The estate would only be permitted to sell $100 million per week of most tokens, though that limit could be permanently raised to $200 million on a token-by-token basis. Judge John Dorsey approved that plan during a hearing on Wednesday.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The rebound of BTC is still oscillating within a range and cannot form a new sustained upward trend. It is also important to note that a judge has approved an order allowing FTX to sell crypto, up to $200 million per week. In the current market environment, this will exacerbate the scarcity of liquidity, which is very bad news for altcoin investors. Investors need to be prepared. The support level is at $25,600 and the resistance level is at $26,200.

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