"Damn it won't go down, the price of BTC has yet to break through $30K."
Concern among investors sparked and the entire cryptocurrency market yesterday saw a decline with Bitcoin (BTC) trading below $24,970 as FTX was rumored to be under selling pressure.
This is because investors believe FTX will get approval from the bankruptcy court to sell its digital assets worth $3.4 billion.
According to Singapore-based digital asset service provider Matrixport in its report, altcoins are expected to experience a significant decline throughout 2023 following FTX's possible token sale as early as this week.
So here it can be seen that Solana (SOL) will be the most affected digital asset as almost 16% of its total supply is reported to have held $1.16 billion in SOL.
The streak, SOL which has currently slipped up to $17.70 from $20 is predicted to continue its decline to the $15 support zone and then $10 if it still shows no bullish reaction.
Not only that, ETH was also able to plunge below $1,500 and this means that its price could drop back to $1,000 following the growth of the digital asset protocol found to be increasingly disappointing.
The bankrupt FTX also held $560 million in BTC and hundreds of millions of anonymous tokens, so the crypto exchange used a digital asset investment firm called Galaxy to help with its sales.
As of this writing, BTC price has plunged by 2.12% to $25,139 in the last 24 hours with a market cap of $489 billion and has recorded a 2.56% decline over the last week.
