The cryptocurrency market has experienced fluctuations following Federal Reserve announcements, with Bitcoin momentarily dipping below $42,000. The FTT Token’s decline has commenced, yet some investors remain hopeful for the exchange’s reopening. This summary delves into the current developments influencing the market.
Market Movements and Asset Reserves
Excluding the Grayscale Bitcoin Trust, the combined Bitcoin reserves of spot Bitcoin ETFs have reached 142,294 BTC. The market anticipates additional pressure from the liquidation of Celsius assets, valued at about $3 billion. Ripple’s chairman, Chris Larsen, suffered a loss of 213 million XRP, contributing to the coin’s price drop.
January saw GBTC investors sell off 132,195 BTC, with the negative premium’s disappearance leading to a reduction in sales volume. Despite this, Grayscale’s reserves remain substantial. Other ETFs have witnessed net positive inflows, culminating in significant Bitcoin reserves.
The crypto lender Celsius is set to distribute $3 billion in crypto and fiat to creditors and is launching a Bitcoin mining venture. They’ve also increased the distributable crypto to creditors by $250 million through strategic conversions and prior agreements.
Ripple faced a security breach with 213 million XRP stolen from Chris Larsen’s wallets, prompting an investigation. The crypto space has seen over 600 major attacks in 2023, with losses totaling $2.61 billion, many targeting DeFi protocols.
Currently, Bitcoin’s price hovers around $42,200, showing little movement in the past 12 hours, reflecting the market’s cautious stance amidst these developments.