The crypto universe, being dynamic, always revolves around the risk of uncertainty. Similarly, the FTX bankruptcy filing case came as a surprise to many crypto market enthusiasts as FTX, at one point in time, was one of the fastest-growing cryptocurrency exchanges in the world. The exchange that facilitated transactions with over one million registered users now finds itself in a crunch.
When Did The FTX File For A Bankruptcy?
FTX, one of the leading Bitcoin exchanges in the digital asset industry, unexpectedly announced Sam Bankman-Fried’s resignation as the CEO of FTX, his predecessor, John J. Ray III, and the company’s bankruptcy filing via X on November 11, 2022. The crypto exchange filed for bankruptcy along with its affiliated entities, such as FTX US and Alameda Research, among many others.
Meanwhile, the bankruptcy, filed in Delaware, took the crypto market by storm, leaving FTX’s debts amounting to as much as $8 billion. The FTX collapse incident erupted as one of the largest exchange collapses in recent years.
Why Did The FTX Go Bankrupt?
FTX, along with the FTX US, crashed severely following its insufficient liquidity and improper fund management. The crashing of FTX was further topped off by a surge in withdrawals from panic-stricken investors.
Following the downfall of FTX and FTX US, other cryptocurrencies, such as Ethereum and Bitcoin witnessed a massive plunge, reaching a two-year low. The repercussions revolving around the FTX collapse rippled throughout the crypto universe, influencing other crypto exchanges such as BlockFi. Interestingly, BlockFi also filed for bankruptcy on November 28, 2022.
What Does The FTX Bankruptcy Estate Refer To?
Firstly, any lawful or fair rights that the debtor holds in the form of property or assets at the time of filing for bankruptcy is referred to as a bankruptcy estate. The context of FTX bankruptcy estate refers to the colossal amounts of digital assets staked by FTX.
Some Of The Top FTX Bankruptcy Estate Tokens
As per market data, some of the top FTX bankruptcy estate tokens include Bitcoin, Ethereum, XRP, Solana, and Dogecoin. The FTX Bankruptcy Estate comprises 25 coins, collectively valued at $1.07 trillion, with an average price change of +6.42%.
Among these tokens, the Bitcoin price surged substantially over the past seven days with a marginal increase of 6.69% over the past week. The current Bitcoin price is valued at $37,022.75, with a significant 42.35% decline in its trading volume, reaching $19.48 billion as of writing. Furthermore, Ethereum experienced a notable surge in the last seven days, registering a slight jump of 11.95% in the past seventy days. The current Ethereum price stands at $2,057.88, accompanied by a substantial 55.38% decrease in trading volume, now at $11.88 billion as of the latest update.
Concurrently, the XRP price has experienced a slight jump, settling at $0.6683 as of writing, while the market cap has seen a 1.56% increase, reaching $35.84 billion. Despite this, the price has surged approximately 8.73% over the last seven days and has grown by over 30% in the past 30 days.
The Solana price also witnessed a substantial surge of 36.36% over the past seven days, reaching $55.28 as of writing. The token showcased phenomenal growth over the past month, surging a whopping 149.61%.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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