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XRP and SOL Lead Crypto Major Recovery Amidst FTX Sell-Off Concerns

Sep 15, 2023 at 10:13 am

During the early hours of Thursday in Europe, Bitcoin (BTC) experienced a 1.5% surge, reaching a trading value exceeding $26,100. At the same time, Ether approached the $1,700 mark, but later dipped to $1,650.

The cryptocurrency market, including Bitcoin and other major tokens, saw a slight upward movement. This followed a period of apprehension among traders due to the ongoing FTX court case.

XRP and Solana (SOL) were the standout performers among the major crypto tokens, with both experiencing up to a 3% increase before a slight retreat. The Bitsday Market Index (BMI), which monitors the prices of numerous tokens, registered a 1.67% rise within the past 24 hours.

Among the mid-cap tokens, THORChain's Rune (RUNE) witnessed a notable 6.8% increase. This surge followed the unveiling of a mechanism allowing for cross-chain swaps of Bitcoin, developed through a collaboration with ShapeShift.

Despite revelations in FTX's recent bankruptcy court filings, which disclosed significant holdings of SOL and BTC, SOL's value experienced an upswing. FTX confirmed possession of approximately $1.16 billion worth of SOL, constituting about 16% of the token's total supply, along with around $560 million in BTC. The remaining assets consisted of less-known, illiquid tokens.

A recent ruling in the U.S. Bankruptcy Court for the District of Delaware granted FTX permission to liquidate and invest its crypto assets for creditor repayment. This decision initially caused SOL to drop by up to 4%. However, a portion of the holdings remains locked as venture investments and are not available for sale. Aptos (APT), another token held by FTX, experienced a nearly 2% decline.

Despite the market's slight recovery, Alex Kuptsikevich, a Senior Market Analyst at FxPro, emphasized a prevailing bearish sentiment among professional traders. He underscored the importance of monitoring activity near recent highs, suggesting that, for now, the market faces limitations in moving upwards.

Kuptsikevich noted, “Despite the potential for a rebound, BTCUSD remains within the bearish momentum that has been in place since July, with lower and lower highs and lows. Ether remains in a downtrend, although its intensity is decreasing.”

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