Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Cryptocurrencies are still stuck in a corrective phase, but a wave of supply events worth billions of dollars could further delay any meaningful recovery.
"A rapid succession of nearly $2 billion of token unlocks during the next ten weeks could lower the market for altcoins," crypto analytics firm 10x Research noted in a Wednesday report. Large token unlocks in crypto are usually bearish events, increasing supply by distributing assets that were previously locked up in vesting contracts to team members, organizations and early investors including venture capital firms., $171 million of Altlayer's ALT and $135 million of XAI tokens will be added to circulation, according to data compiled in the report.
"Venture capital investors might be pressured to lock in recent gains, which could cap any upside performance of tokens with positive momentum, especially those where unlocks become available," the report said.will be distributed to creditors of crypto exchange Gemini's Earn program and long-defunct crypto marketplace Mt. Gox, K33 Research analyst Velte Lunde warned in aAmid upcoming supply events, one market observer suggested that the FTX repayments might offer some relief.
Pending bankruptcy court approval, some $14-$16 billion of funds in U.S. dollars could be paid out to creditors, and a good chunk of that may flow back to the crypto market, said Arthur Cheong, founder and chief investment officer of DeFiance Capital.Late in the U.S day, the broad CoinDesk 20 Index was lower by 3.4% over the past 24 hours, with bitcoin down 2.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Arbelos Markets raises $28 million, amid growing institutional interest in crypto derivativesArbelos Markets on Wednesday said it raised $28 million in a recent seed funding and debt financing round.
Read more »
Injective, Underperforming in Crypto Markets, Now Plans Layer-3 Chain on ArbitrumMargaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.
Read more »
Crypto Principal Trader Arbelos Markets Raises $28M Led by Dragonfly CapitalKrisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Read more »
Crypto Markets Lost $60 Billion as Bitcoin (BTC) Dropped by $3K (Market Watch)Crypto Blog
Read more »
Bitcoin Slips to $63K as Crypto Market Faces More U.S. Regulatory PressureKrisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Read more »
Robinhood Markets receives SEC notice for alleged securities violations at crypto unitRobinhood Markets Inc. has received a notice from the Securities and Exchange Commission about alleged securities violations at its crypto division. The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.
Read more »