This week in the crypto world, there were several major events that caught the attention of investors. FTX, a troubled crypto exchange, was given permission to liquidate around $3.4 billion in cryptocurrencies. This decision caused concern among stakeholders. On the other hand, K33 Research released a report stating that the market is underestimating the positive impact of approving a Bitcoin spot exchange-traded fund (ETF). The researchers believe that this approval could lead to higher buying demand.
In Hong Kong, Tykhe Capital introduced PRINCE, which is the first tokenized security representing real estate ownership in the city. This move could potentially pave the way for more real-world asset tokenization in Hong Kong and around the world.
Meanwhile, BeInCrypto speculated on how much Shiba Inu (SHIB) would be needed to become a millionaire if SHIB reaches its previous bull-market highs.
FTX’s impending liquidation has raised concerns about its potential impact on Ethereum and Solana prices. IntoTheBlock suggested that this liquidation could dampen recent price increases in these cryptocurrencies. However, despite these concerns, the mass selloff did not materialize as FTX plans to sell its crypto assets in weekly tranches of $100 million and occasionally $200 million.
FTX has also taken legal action to recover assets during its bankruptcy proceedings. It has filed a lawsuit against LayerZero and its Chief Operating Officer Ari Litan to reclaim $21 million and $13 million respectively.
In another development, Tykhe Capital launched PRINCE, a tokenized real estate fund security token in Hong Kong. This move aims to improve liquidity in the real estate market by allowing investors to trade the asset on the secondary market throughout the trading day.
K33 Research believes that the approval of spot Bitcoin ETFs could attract over 30,000 BTC within their first 10 trading days. These inflows could push the price of Bitcoin beyond $42,000 in the first 100 days after approval.
BeInCrypto also provided a formula to calculate how much SHIB would be needed to become a millionaire if the price reaches its previous peak. According to their calculations, you would need to buy around 11.6 billion SHIB, which currently costs around $93,947.
In terms of altcoin performance, HiFi Finance token saw the biggest gains this week with a rise of 122.9%. STORJ and MTL were also among the top gainers.
Bitcoin remained the most talked about cryptocurrency on social media this week, followed by ETH and SOL. Sentiments around the overall health of the crypto market were more bearish compared to last week.
Overall, these events and developments have brought both excitement and concerns to the crypto world as investors eagerly await the outcomes.
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