Bitcoin fell below 25000 for the first time in three

Bitcoin fell below $25,000 for the first time in three months

Bitcoin briefly fell below $25,000 on Monday for the first time in three months. This comes amid rumors that the controversial FTX exchange plans to start selling digital assets as part of bankruptcy proceedings. reported Bloomberg resource.

    Image source: Kanchanara/

Image source: Kanchanara/

The price of Bitcoin fell 3.3% to $24,958, its lowest level since June 15. We recall that at that time, BlackRock applied to register a spot Bitcoin ETF, becoming the first company to offer a US exchange-traded fund that invests directly in Bitcoin. It should be noted that the US Securities and Exchange Commission (SEC) has deferred a decision on BlackRock’s application, as well as similar applications from other companies, but following the court decision citing the SEC’s refusal on this matter Approval of the application to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF is illegal.

“We have seen the dollar appreciate for eight weeks in a row, putting pressure on the price of Bitcoin.” – said James Butterfill, head of research at CoinShares. — There continues to be frustration over Bitcoin regulation and we have a court ruling on a number of FTX crypto assets like Solana that could lead to oversupply.”

Solana price fell for the fourth consecutive day after falling 10% in that time. The market’s decline was facilitated by reports of the impending sale of assets of the bankrupt cryptocurrency exchange FTX and its subsidiaries, and partly by the emergence of detailed information about it. As it turns out, FTX currently owns almost $1.2 billion in SOL, the native token of the Solana network, as well as $560 million in Bitcoin and $192 million in Ethereum.

Last month, the crypto exchange went to court seeking permission to sell or transfer digital assets. A court hearing on the matter is scheduled for September 13. It is entirely possible that the court will grant the crypto exchange’s application on the same day. Recall that in August, the FTX administration sought court approval to appoint Galaxy Digital as an investment manager to oversee token reserves, which would regulate the sale of the crypto exchange and reduce its impact on the cryptocurrency market.


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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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