Adding on to the position since the price is in a buying level as per price action.
But I do see the possibility of further crashes in the coming days, since FTX may get the court approval on September 13, to sell some crypto assets into fiat to repay creditors and reduce volatility risks.
As of January 2023, it is estimated FTX’s crypto holdings include $685 million in locked Solana tokens, $529 million in FTT tokens, $268 million in Bitcoin, $90 million in Ethereum, and various other assets including Aptos ($67 million), Dogecoin ($42 million), Polygon($39 million), XRP ($29 million), and stablecoins. An additional $1.2 billion is held in crypto on third-party exchanges.
So if they do sell their positions or even if the market expects they will, a selling pressure may come into the market and push prices further down. If that happens I'll add on to the position at the next potential buying levels.
But I do see the possibility of further crashes in the coming days, since FTX may get the court approval on September 13, to sell some crypto assets into fiat to repay creditors and reduce volatility risks.
As of January 2023, it is estimated FTX’s crypto holdings include $685 million in locked Solana tokens, $529 million in FTT tokens, $268 million in Bitcoin, $90 million in Ethereum, and various other assets including Aptos ($67 million), Dogecoin ($42 million), Polygon($39 million), XRP ($29 million), and stablecoins. An additional $1.2 billion is held in crypto on third-party exchanges.
So if they do sell their positions or even if the market expects they will, a selling pressure may come into the market and push prices further down. If that happens I'll add on to the position at the next potential buying levels.
Trade closed manually:
The positions opened at 0.2569 and 0.2471 were closed at 0.3752164 for a profit of about 46.05% and 51.84% respectively.
