Altcoins In Trouble? Dip Incoming As FTX Plans A $3.4B Crypto Dump
Adekunle Joshua
The crypto market has been declining in recent months, with Bitcoin down by 62.59% from it's all-time high.
Altcoins have been hit even harder than Bitcoin, with some coins down by over 90% from their all-time highs.
FTX is planning to sell $200 million worth of crypto per week.
A 200 million-dollar flood entering the market week after week would seriously damage this scarcity, and many cryptocurrencies remain at risk.
This could lead to a further decline in the price of altcoins, as it will increase the supply of crypto in the market.
Some altcoins, such as ApeCoin, GALA and Axie Infinity, are particularly vulnerable to this sell-off.