Altcoin News Official TheBitTimes.com

FTX administrators have managed to retrieve approximately $7 billion in assets, of which $3.4 billion is in cryptocurrencies. A court hearing scheduled for Wednesday will review a proposal to initiate token sales as part of the creditor repayment plan, as per recent filings. advertisement A presentation highlights that FTX possesses close to $1.2 billion in SOL, Solana’s native token. The asset inventory further includes $560 million in Bitcoin, the largest cryptocurrency, and $192 million in Ether, the second-largest cryptocurrency. FTX will be reportedly appointing Mike Novogratz’s Galaxy Digital Holdings to handle the liquidation of its giant pile of tokens. FUD Around FTX Creditor Liquidation The broader cryptocurrency market remains largely apprehensive of the upcoming FTX creditor liquidation. However, it seems that the market is overreacting since FTX won’t be able to liquidate all of its $3.4 billion in one shot. As per the August filing, the c...

Popular crypto analyst Ali Martinez explains that historical data spanning the last decade reveals a pattern where Bitcoin ($BTC) triggers a bull run whenever its price surpasses the average cost basis of holders with a 6-month to 3-year track record. advertisement Currently, this critical breakout level for BTC, based on this model, is identified at $33,755. This means that the BTC price should rally by over 30% from the current levels to confirm the bullish recovery. Otherwise, the gates for further BTC price correction are wide open. Courtesy: Ali Charts Other market analysts have also shared similar opinions on the BTC price recovery. Bloomberg’s senior commodity strategist Mike McGlone compared Bitcoin’s price action to the Nikkei index. In his latest report, McGlone stated: “Bitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and ...

Bitcoin’s NVM ratio has recently risen to 0.52, falling below the 0.6 threshold typically signaling undervaluation. The “NVM ratio” is a measure that examines the correlation between the logarithm of Bitcoin’s market value and the square of its daily active users. advertisement Courtesy: CryptoQuant When the NVM ratio is high, Bitcoin is considered overvalued; conversely, a low ratio suggests undervaluation. The present downward trend of this metric implies the potential for a price rise, given the positive network activity. Bitcoin (BTC) Price Shows Weakness on Charts Bitcoin’s SuperTrend indicator has been flashing sell signals while hinting at a deeper price correction. To confirm any bullish reversal, the BTC price needs to close above the $29,500 level, which is 14% higher than the current levels. If Bitcoin fails to recover above this, a bigger correction could be on the cards. Notice the precision of the SuperTrend indicato...