© Reuters
Investing.com – Lawyers for the crashed FTX cryptocurrency exchange said they recovered about $5 billion in “liquid” assets, including cash and digital assets. This recovery will be a boon for FTX clients after the cryptocurrency exchange implosed in November.
FTX lawyers have nevertheless warned that a sale of the $5 billion in assets could cause significant downward pressure in the market, causing their value to plummet.
“The has been in a downtrend for over a year now, which is a standard bear market period in crypto,” said Vijay Ayyar, vice president of business development and international at the exchange. Luno crypto.
“We’ve had a lot of negative events over the last year, and if you look at the reaction of the price to those events, in general, it’s gone down less and less – an indication that the market is pretty accepting the news, the selling pressure is being absorbed, and therefore we are moving into an accumulation stage.It could also mean that the market thinks the worst is over for the crypto and most of the negative news is now priced in .”
This news has helped improve traders’ confidence in the crypto market which still remains at very low price levels compared to the past few months. Bitcoin price was up ahead of the release of inflation figures which are likely to influence expectations and risk taking.