Volatility picked up in digital-asset markets as traders evaluated the prospect of crypto disposals by the defunct FTX exchange through its bankruptcy process.
FTX’s administrators have recovered about $7 billion in assets, including $3.4 billion of crypto. A court hearing is due on Wednesday to consider a plan to begin sales of tokens to help repay creditors, according to recent filings.
A gauge of the largest 100 tokens slid almost 3% on Monday before rising by about the same magnitude on Tuesday. Bitcoin posted a similar performance and was trading at about $25,870 as of 12:32 p.m. in Singapore. The market is “apprehensive about the upcoming FTX creditor liquidation,” Markus Thielen, head of research at Matrixport, wrote in a note.
Some chart patterns add to the case for a period of weakness for Bitcoin. An analysis based on plotting sessions when the token moves up or down by at least 1%, a so-called point and figure study, signals the $24,500 support level is under threat. If breached, the token is at risk of testing $24,000 and beyond that $21,400, according to the analysis.
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