Bitcoin Dips Below US$25K for the First Time in 90 Days

Bitcoin fell today below US$25,000, a level not seen in 90 days. Fears that FTX could sell assets due to bankruptcy hurt other digital coins.

On Monday, Bitcoin hit a low of US$24,958. This is its weakest value since June 15.

Solana, closely tied to FTX, also declined for four days. Its total dip in this period is around 10%.

Last month, FTX asked for legal permission to sell or transfer digital holdings. A court will decide on this on September 13.

Zaheer Ebtikar, founder of Split Capital, spoke on the issue. “People are preemptively expecting Solana to fall,” he said. “So, it’s likely Solana will struggle for a bit.”

Ether

While Bitcoin dips below US$25K for the first time in 90 days, Ether fell 3.2% today, trading at US$1,560.

The CoinDesk Market Index dropped by 3%. Altcoins like Solana and Toncoin declined due to worries about FTX’s asset sales.

Solana faced the most pressure; FTX holds US$1.16 billion of SOL. The exchange also owns US$560 million in Bitcoin. Galaxy will help FTX with the asset sales.

Matrixport warns of a longer-term impact on altcoin prices from FTX’s sales. Solana broke past the US$19 mark, indicating further declines.

Ether might also fall due to disappointing revenue growth, says Matrixport.

Markus Thielen suggests keeping exposure to Bitcoin. He believes old altcoins might not recover, and new themes are needed for next-gen altcoins

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