Cryptocurrency analysts reported a sharp increase in the entire cryptocurrency market

Yesterday, the capitalization of the entire cryptocurrency market grew by almost 3.5%, reaching $ 1.07 trillion. This happened after BTC $61,726.05 Bitcoin -1.02% Market capitalization $1.22 trillion VOL. 24 hours $0.51 billion fell below $ 25,000. According to analysts, traders and investors are exhausted by the negative state of affairs in the market and are now expecting a further drop.

Despite the growth in market capitalization, the entire crypto market is expected to experience a surge in volatility this week, experts said. A hearing on the sale of the assets of the bankrupt FTX exchange and its subsidiaries is scheduled for today. As it turned out, FTX currently owns almost $ 1.2 billion in SOL, the Solana network’s own token, as well as $ 560 million in BTC and $ 192 million in ETH.

The news of the possible liquidation of FTX’s $ 3.4 billion in crypto assets was expected to provoke a wave of negative sentiment among crypto market participants. However, the panic may be premature: according to court documents, after obtaining permission, FTX will not be able to sell the tokens instantly. The company has expressed a desire to divest itself of assets worth up to $ 100 million every week. In some cases, this limit can be increased to $ 200 million. The court can either grant or reject FTX’s request.

Solana accounts for the largest part of FTX’s assets subject to liquidation. The impending uncertainty has caused a stir among SOL $141.23 Solana -1.63% Market capitalization $66.18 billion VOL. 24 hours $0.21 billion holders, which has led to a drop in the value of the cryptocurrency. However, the consequences of the sale may be much weaker for the token than some market participants expect, analysts said. Most of the coins acquired by FTX and Alameda are still blocked and will only become fully available in 2028.

Another key event this week is the release of the core consumer price index (CPI) in the United States. The core consumer price index, which does not take into account fluctuations in food and energy prices, shows a projected year-on-year decline. When the CPI exceeds forecasts, it strengthens the US dollar, which leads to a bullish trend. On the other hand, unsatisfactory readings can weaken the dollar, leading to a bearish outlook.