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In the last few minutes, two significant developments emerged in the cryptocurrency markets. As this article was being prepared, Fed member Barkin was speaking, and FTX announced a new altcoin sale. At that moment, Bitcoin had returned to $62,110, but weakness in altcoins persisted. What are the details of the recent developments?
According to information from three different sources, the FTX bankruptcy committee will auction off 22.3 million locked WLD Tokens. The tokens, valued at approximately $38 million, are expected to find buyers below their market value, with discounts predicted to range between 40% and 75%. The unlocking of these altcoins will occur gradually until 2028, with daily unlocks scheduled from December 1, 2024, to July 24, 2026. Prior to WLD, FTX had sold SOL and Metaplex (MPLX) tokens, completing a $1 billion discounted token sale in May.
FTX only holds $594 million in altcoin assets, most of which are hard to liquidate. If we consider that $541 million of this amount is in FTT Token, attempting to sell it could drive its price to zero.
The second major development involved statements made by Fed member Barkin, who commented:
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