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One of the biggest exchanges FTX has gained court approval to sell off Grayscale’s large assets and launched a transaction worth $744 million.
Cryptocurrency exchange FTX received approval from the court to sell Grayscale’s $744 million worth of assets. According to breaking news shared by Bloomberg, the Grayscale assets that exchange dealer held included $597 million worth of Bitcoin product GBTC, Ethereum product ETHE worth $87 million and BITW which contains various cryptocurrencies worth $53 million and other products.
Despite this large sale news, particularly the impact of the sale in the Bitcoin product caused the BTC price to drop temporarily to $37,600. However, generally, FTX’s sale approval did not significantly affect the BTC price.
According to court documents, FTX will carefully sell the assets in a way to maximize their values and not cause price volatility in the market. The bankrupt company FTX’s new management achieved a recovery success exceeding $3.4 billion in cryptocurrency assets and protected a total value of $7 billion.
The current movements within the cryptocurrency market are notably attentive to the ongoing sales process associated with FTX’s Grayscale assets. This process has garnered substantial attention as it holds the potential to significantly influence market dynamics and investor sentiment in the crypto sphere.
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