The crypto market is on edge as FTX is expected to liquidate some of its assets this Wednesday. While more than $268 million worth of Bitcoin may get sold off alongside altcoins, the on-chain metrics for BTC are stronger than ever.
This article will discuss whether BTC can hold up better than other altcoins. We also discuss the arrival of a new Bitcoin-themed presale token, Bitcoin BSC, which could also be a high potential investment opportunity.
FTX to Start Selling Crypto Holdings September 13
In November 2022, FTX, one of the largest cryptocurrency exchanges in the world, declared bankruptcy. More than ten months later, the infamous crypto exchange is set to begin liquidating its crypto holdings.
According to trader Fomocap on Twitter, the market may see a ‘fire sale’ following the selling pressure this week. FTX exchange will likely get approval for the liquidation of assets starting September 13, 2023.
From the $3.4 billion worth of assets that FTX holds, $200 million will likely be sold off every week. One of the largest holdings of FTX is Bitcoin - the company holds $268 million worth of BTC, with even an larger position in Solana (SOL) valued at $685 million.
BTC On-Chain Analysis
Despite the selling pressure from FTX, Bitcoin is unlikely to be affected in the long term. For more than 15 years, Bitcoin has been in an uptrend, and by far the most dominant cryptocurrency in the space.
According to coin360.com, Bitcoin has a 47.86% dominance as of September 11, 2023. In the past 24 hours, BTC has corrected by only 0.25%. On the other hand, altcoins such as Ethereum and Binance Coin have dipped by closer to 1%. Solana is down 2% today, and dropped 6% yesterday.
Data from Crypto Cactus on Substack also states that Bitcoin’s dominance among institutional investors has remained strong in the medium term. Since January 2023, there has been an increase in the BTC wallets holding $100k or more. Wallets holding $10k or more have also increased, which is a positive sign for the flagship cryptocurrency.
Another impressive factor for Bitcoin is the rise in the number of HODLers. Year-on-Year (YoY), the Bitcoin wallet holding percentage is up by 7.7%. This suggests growing confidence among investors in the largest cryptocurrency in terms of market capitalization.
Institutional investors such as Pantera Capital have also recently made headlines for their optimistic Bitcoin price prediction - as high as $148,000 in the next crypto bull run.
Based on its strong on-chain metrics, it’s unclear how badly Bitcoin will be affected by the FTX liquidation process. New cryptocurrency assets without ties to FTX may also be seen as a safe haven asset class to buy the dip.
Bitcoin Price Prediction
Cryptocurrency analysts and price prediction algorithms expect Bitcoin to be bullish in the coming years.
Changelly’s price prediction algorithm predicts BTC could reach a maximum price of $37k by the end of 2023. Since BTC is currently trading at the $25,770 mark, this will equate to a price increase of more than 43% by the end of the year.
Crypto analyst Jacob Bury reviewed the Bitcoin Rainbow chart in a recent Bitcoin price prediction video, noting that BTC is currently in the buy zone.
Kara Szabo is another popular cryptocurrency influencer who is bullish on the BTC price. This Twitter influencer, who has nearly 40K followers, expects the token to range in the $30k - $40k zone by the end of 2023.
While Bitcoin is still a strong asset to hold, there have been new tokens that have also been offering high returns to investors.
One such new crypto token currently trending online is Bitcoin BSC, recently featured on Bitcoinist, Cointelegraph, CoinCodex, CoinMarketCap, FXStreet and a wide range of other news sites.
Bitcoin BSC - A Proof-of-Stake Token Inspired by Bitcoin
Bitcoin BSC is a new cryptocurrency currently available to buy on presale. As the name suggests, the project takes inspiration from Bitcoin but is a BEP-20 token on the Binance Smart Chain.
Bitcoin BSC’s native token, $BTCBSC, has a total supply of 21 million, like Bitcoin, and will also follow Bitcoin’s 120-year block schedule.
The key difference is that Bitcoin BSC introduces a staking mechanism for passive income and has a greener, more sustainable network model. Every ten minutes, tokens are released and distributed to stakers. At the time of writing, holders can earn an over 400% APY (annual percentage yield) by staking $BTCBSC.
From the 21 million token supply, 6.125 million have been allotted for the ongoing presale, each priced at just under $1 - modelled after Bitcoin’s circulating supply and price in 2011.
With its high APY, the Bitcoin BSC project has already attracted the attention of traders wanting to farm yield during the bear market. Since launching its presale on September 5th, over $1 million has already been raised.
The project’s hard cap is set at $6.125 million. Interested investors can buy and stake $BTCBSC now at bitcoinbsc.io if they purchase tokens using BNB or USDT BEP-20. Tokens bought with ETH or USDT ERC-20 are eligible to be staked after the presale concludes.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.