As FTX News Causes Crypto Crash Fears, Investors Pivot To New Cryptocurrency Bitcoin BSC
Defunct crypto exchange FTX is rumored to be set to begin liquidating assets on September 13 this week. With the exchange’s large holdings of big caps such as Solana, Ethereum, Dogecoin, and Aptos, traders are on edge anticipating another crypto crash.
As safe-haven assets, investors are moving into Bitcoin and also farming yield on new cryptocurrency assets with no links to FTX, such as Bitcoin BSC (BTCBSC), which currently offers over 400% APY.
FTX to Sell $3.4 Billion In Crypto Assets – Crash Incoming?
Widely-followed crypto analyst Fomocap quote tweeted a viral post from The DeFi Investor, which has now been viewed 1.7 million times since this weekend.
It stated that FTX holds $3.4 billion worth of cryptocurrency assets and may receive approval to begin liquidating its holdings as soon as Wednesday – selling off up to $200 million per week.
IntoTheBlock also tweeted that Ethereum and Solana are ‘overshadowed by fear-driven market dynamics’ despite positive news of a possible spot Ether ETF and Visa adding support for Solana. FTX holds $90 million worth of ETH and $685 million worth of SOL.
Solana has already faced bearish momentum in the past month, declining by more than 25%. Solana is currently in a ‘Sell’ zone, according to TradingView. With all the simple and exponential moving averages in the red zone, SOL may face further volatility in the short term.
$SOL has been tweeted about over 100,000 times, according to Twitter trends data.
Bitcoin is a Strong Investment Option at Current Levels
While most altcoins are in the red today, Bitcoin may be the go-to token as a safe haven asset. BTC is holding up stronger than altcoins in much of the entire crypto market.
Bitcoin has corrected by just 0.4% in the past two weeks, while Ethereum is down by more than 1.6%. While FTX holds $268 million worth of Bitcoin, this amount may not significantly affect Bitcoin’s overall market cap of half a trillion.
Bitcoin is also enjoying strong on-chain metrics. Since the start of the year, the number of Bitcoin wallets holding $10K and $100K or more has risen, a testament to Bitcoin’s dominance in the past decade. Furthermore, compared to 2022, the average Bitcoin holding value has increased by 7.7% in 2023.
Bitcoin BSC Offers Over 400% APY – $1 Million Raised In Presale
Since altcoin prices are already beginning to trend down, many investors are diversifying into new presale tokens not yet listed on exchanges and with staking or revenue-sharing utility.
One such asset is the new cryptocurrency Bitcoin BSC (BTCBSC), now on presale at bitcoinbsc.io priced at $0.99 per token.
Bitcoin BSC adopts the same 21 million token supply as Bitcoin but as a BEP-20 token. Taking advantage of the Binance Smart Chain, Bitcoin BSC is a greener alternative with lower gas fees and currently offers over 400% APY to stakers.
As new blocks are confirmed, tokens are released and sent to stakers every ten minutes – and set to reward holders of the new cryptocurrency over a 120 year period.
Having been featured on Cointelegraph, CoinMarketCap, Yahoo Finance and over 30 other media outlets, Bitcoin BSC has become one of the fastest-growing new cryptocurrency projects on the market, with over $1.05 million raised at the time of writing since going live on September 5th.
Become a part of the community by joining the Bitcoin BSC Telegram channel (admins will not DM you) and following its Twitter.
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